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Forex News: Indian Rupee Off 1-1/2-month Low Against U.S. Dollar

Indian Rupee Off 1-1/2-month Low Against U.S. Dollar

08/29/2022 - 08:13:00 (RTTNews)

(RTTNews) - The Indian rupee recovered against the U.S. dollar in evening deals on Monday as the Reserve Bank of India intervened in the forex market to defend the currency.

Hawkish remarks from Federal Reserve Chair Jerome Powell lifted the dollar index to a 20-year high, weighing on the rupee.

The central bank is required to maintain a restrictive policy stance for some time to restore price stability, Powell said during the Jackson Hole speech on Friday.

The Indian rupee was trading at 79.93 against the greenback, after falling to a 1-1/2-month low of 80.13 in the morning session. The pair had closed Friday's deals at 79.96.

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