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Forex News: Indian Rupee Falls To More Than 3-week Low

Indian Rupee Falls To More Than 3-week Low Against U.S. Dollar

08/19/2022 - 07:18:00 (RTTNews)

(RTTNews) - The Indian rupee dropped against the U.S. dollar in the evening deals on Friday, as hawkish comments from the Federal Reserve officials underpinned the latter.

St Louis Fed President James Bullard and San Francisco President Mary Daly signalled the possibility of another 75 basis-point rate hike next month.

Indian shares fell sharply amid uncertainty over the pace of future rate hikes by the Fed.

The benchmark S&P BSE Sensex ended the session down 651.85 points, or 1.08 percent, at 59,646.15 while the broader NSE Nifty index settled at 17,758.45, down 198.05 points, or 1.10 percent, from its previous close.

The Indian rupee declined to 79.86 against the greenback, its lowest level since July 27. On the downside, 80.00 is possibly seen as the next support level.

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