Forex News: Indian Rupee Falls To 2-day Low Against U.S.

Indian Rupee Falls To 2-day Low Against U.S. Dollar

(RTTNews) - The Indian rupee weakened against the U.S. dollar in the Asian session on Wednesday, as terrorist attacks in Kashmir, India, weighed on sentiment.

Terrorists opened fire in a lovely meadow in the resort town of Pahalgam in J&K on Tuesday, killing at least 28 people and injuring several more. This was the deadliest attack since 2019.

Traders await the release of India's April HSBC Purchasing Managers' Index (PMI) due soon in the day.

In the Asian trading today, the rupee fell to a 2-day low of 85.267 against the U.S. dollar, from a recent high of 85.088. At yesterday's close, the rupee was trading at 85.170 against the greenback.

If the greenback extends its downtrend, it is likely to find support around the 86.00 region.

Looking ahead, PMI reports from various European economies and U.K. for April, Eurozone trade balance data and construction output data for February are slated for release in the European session.

In the New York session, U.S. MBA mortgage approvals data, Canada new housing price index for March, U.S. S&P Global PMI data for April, new house sales data for March, U.S. EIA crude oil data and U.S. Fed Beige book data are set to be published.

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