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Forex News: Indian Rupee Hits 4-day Low Against U.S. Dollar

Indian Rupee Hits 4-day Low Against U.S. Dollar

01/16/2023 - 07:02:00 (RTTNews)

(RTTNews) - The Indian rupee weakened against the U.S. dollar in the evening session on Monday, as the latter rebounded across the board and the regional shares fell.

Investors ignored official data showing that India's wholesale price inflation (WPI) slipped below the 5 percent mark for the first time since February 2021.

WPI inflation fell to an almost two-year low of 4.95 percent in December due to cooling food and crude prices, according to a statement issued by the Ministry of Commerce and Industry.

The benchmark S&P BSE Sensex dropped 168.21 points, or 0.28 percent, to 60,092.97 while the broader NSE Nifty index settled 61.75 points, or 0.34 percent, lower at 17,894.85.

The Indian rupee dropped against the greenback, touching a 4-day low of 81.735. If the rupee falls further, 82.00 is likely seen as its next support level.

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