Forex News: Indian Rupee Falls To Near 1-1/2-month Low Against

Indian Rupee Falls To Near 1-1/2-month Low Against U.S. Dollar

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

Asian equities dropped following Wall Street, as investors were worried about the U.S. government's borrowing and budget deficit. Investors also reacted to increased geopolitical concerns, rising U.S. Treasury yields, and delayed trade discussions with partners.

In economic news, data from S&P Global showed that India's private sector activity expanded at the quickest pace in just over a year, spurred by strong foreign and domestic demand.

The HSBC composite output index rose to 61.2 in April from 59.7 in March. A score above 50.0 indicates expansion.

The manufacturing PMI rose marginally to 58.3 in May from 58.2 in the previous month, indicating consistency with a sharp improvement.

Services activity showed a more pronounced upturn in May, with the services PMI rising to 61.2 in May from 58.7 in April.

Against the U.S. dollar, the rupee fell to nearly a 1-1/2-month low of 86.022 from an early 2-day high of 85.485. At yesterday's close, the rupee was trading at 85.600 against the greenback.

If the rupee extends its downtrend, it is likely to find support around the 87.00 region.

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