Indian Rupee Drops To Near 4-week Low Against U.S. Dollar
25 January 2022 - 3:07PM
RTTF2
The Indian rupee depreciated against the U.S. dollar in
afternoon deals on Tuesday, after the latter strengthened on
safe-haven demand amid U.S.-Russia tensions and caution ahead of
the Federal Reserve's meeting that could signal the first rate hike
in March.
Investors await the Fed meeting beginning later today, which is
expected to lay down the ground work for a rate hike in March.
U.S.-Russia tensions escalated amid a continued buildup of
Russian troops near the border of Ukraine.
The Indian rupee touched near a 4-week low of 74.80 against the
greenback from Monday's close of 74.64. If the rupee falls further,
76.00 is likely seen as its next support level.
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