Indian Rupee Drops To 4-day Low Against U.S. Dollar
23:35, 7th August 2022
(RTTNews) - The Indian rupee weakened against the U.S. dollar in afternoon deals on Monday, as strong U.S. non-farm payrolls report intensified expectations for aggressive interest rate hikes by the Federal Reserve.
Expectations for another 75 basis-point rate hike at the September meeting have grown following the data.
The Indian rupee dropped to a 4-day low of 79.59 against the greenback from Friday's close of 79.35. Immediate support for the currency is possibly seen around the 80.00 level.
Copyright(c) 2024 RTTNews.com, Inc. All Rights Reserved