Indian Rupee Falls To 6-day Low Against U.S. Dollar
22 August 2024 - 1:00PM
RTTF2
The Indian rupee weakened against the U.S. dollar in the Asian
session on Thursday.
In economic news, data showed that the preliminary HSBC India
flash Manufacturing Purchasing Managers' Index (PMI) contracted to
57.9 in August, from 58.1 in the prior month. Meanwhile, the
Services PMI posted 60.4 in August, compared to 60.3 in the
previous month.
Traders focus on the Reserve Bank of India (RBI) Monetary Policy
Committee minutes, due later on the day.
The minutes from the most recent Federal Reserve meeting hinted
at potential rate cuts amid signs of easing inflation and a rising
unemployment rate.
Financial markets anticipate significant policy easing,
potentially including multiple cuts by year-end. Against the U.S.
dollar, the rupee fell to a 6-day low of 83.96 from yesterday's
closing value of 83.87.
If the rupee extends its downtrend, it is likely to find support
around the 84.00 region.
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