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Forex News: Indian Rupee Falls To 6-day Low Against U.S.

Indian Rupee Falls To 6-day Low Against U.S. Dollar

08/22/2024 - 03:00:00 (RTTNews)

(RTTNews) - The Indian rupee weakened against the U.S. dollar in the Asian session on Thursday.

In economic news, data showed that the preliminary HSBC India flash Manufacturing Purchasing Managers' Index (PMI) contracted to 57.9 in August, from 58.1 in the prior month. Meanwhile, the Services PMI posted 60.4 in August, compared to 60.3 in the previous month.

Traders focus on the Reserve Bank of India (RBI) Monetary Policy Committee minutes, due later on the day.

The minutes from the most recent Federal Reserve meeting hinted at potential rate cuts amid signs of easing inflation and a rising unemployment rate.

Financial markets anticipate significant policy easing, potentially including multiple cuts by year-end. Against the U.S. dollar, the rupee fell to a 6-day low of 83.96 from yesterday's closing value of 83.87.

If the rupee extends its downtrend, it is likely to find support around the 84.00 region.

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