Indian Rupee Hit An All-Time Low Against US Dollar

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.

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