The Indian rupee hit an all-time low against the US dollar on Wednesday ahead of important U.S. inflation data and new interest rate forecast from Fed policymakers.
The Indian rupee fell 0.067 points, or 0.08 percent to close at 83.53 against the US dollar on Wednesday.
Non-deliverable forwards indicated that the rupee will open at 83.58-83.60 to the US dollar, up from 83.5750 in the previous session and above its lifetime low of 83.5650 set in April.
On Tuesday, the rupee fell below its long-held support of 83.50-83.55.
The rupee and other Asian currencies are under pressure as the dollar index rises amid speculation that the Fed may cut rates later this year.
The U.S. central bank is largely expected to announce no changes to the policy rate later today or at its next meeting in July.
Also read: Markets Close Higher; Sensex Soars 149 Points
During his address to the Parliament of Ghana, PM Modi drew a symbolic parallel between…
Defence Minister Rajnath Singh approved 10 major proposals on Thursday to procure indigenous military hardware…
After concluding his two-day visit to Ghana, PM Narendra Modi emplaned for Port of Spain…
During his landmark address to Ghana’s Parliament, PM Narendra Modi declared that India is poised…
PM Narendra Modi paid homage to Ghana’s founding President Kwame Nkrumah on Thursday at the Nkrumah Memorial…
Two Ghanaian MPs visibly honoured India by wearing traditional Indian clothing during PM Narendra Modi’s address to…