Indian Rupee Falls To Near 2-month Low Against U.S. Dollar
May 05 2022 - 11:27PM
RTTF2
The Indian rupee depreciated against the U.S. dollar in
afternoon deals on Friday, as regional shares dropped amid weak
global cues in the wake of renewed concerns over a faster
tightening of monetary policy by the Federal Reserve to combat
inflation.
Investors focus on the U.S. Labor Department's nonfarm payrolls
data due later today for more clues on the strength of the labor
market and its impact on monetary policy.
The benchmark S&P BSE Sensex dropped 887 points, or 1.59
percent, to 54,814, while the broader NSE Nifty index was down 296
points, or 1.78 percent, at 16,385.
The Indian rupee fell to near a 2-month low of 76.97 against the
greenback from Thursday's close of 76.52. The next possible
downside target for the rupee is seen around the 77.00 level.
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