Rupee Slips as Fed Hike Bets Boost Dollar
The Indian rupee weakened slightly against the US dollar as expectations of further Federal Reserve rate hikes lifted the greenback. State-run bank dollar sales limited the currency losses. Meanwhile oil prices remained below 100 dollars per barrel.
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The India rupee fell 0.1% to 95.74 per dollar on Wednesday afternoon, tracking regional Asian peers as strengthening expectations of further United States Federal Reserve rate hikes lifted the greenback. The currency slipped from a close of 95.59 in the previous session as regional currencies dropped between 0.1% and 0.3%. The dollar index has climbed more than 1% since the Fed raised rates last week, driven by growing bets on additional monetary tightening.
