Indian Rupee Weakens To Near 5-week Low Against U.S. Dollar
06 December 2022 - 5:49PM
RTTF2
The Indian rupee was lower versus the U.S. dollar in the evening
session on Tuesday, as strong U.S. economic data raised concerns
that the Federal may raise interest rates more than expected.
Overnight data showed that U.S. service sector activity
unexpectedly grew at an accelerated rate in the month of
November.
The data fuelled fears that the Fed could raise interest rates
for longer.
Traders looked ahead to the Reserve Bank of India's monetary
policy announcement, due on Wednesday. The RBI is expected to raise
lending rate by 35 basis points to 6.25 percent from 5.9
percent.
The Indian rupee depreciated to 82.64 against the greenback, its
lowest level since November 4. If the currency falls further, it
may challenge support around the 83.00 level.
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