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Forex News: Indian Rupee Slides To 1-week Low Against U.S.

Indian Rupee Slides To 1-week Low Against U.S. Dollar

09/15/2022 - 08:33:00 (RTTNews)

(RTTNews) - The Indian rupee weakened against the U.S. dollar in evening deals on Thursday, as the latter rose across the board on hopes for a more aggressive policy tightening by the U.S. Federal Reserve.

Traders are pricing in a 75 basis point hike at the Fed meeting next week, while some of them see a full-point move.

Indian markets fell on uncertainty over the size of the rate hike at the next Fed policy meeting.

The benchmark S&P/BSE Sensex ended the session down 412.96 points, or 0.68 percent, at 59,934.01.

The broader NSE Nifty index slipped 1266.35 points, or 0.70 percent, to settle at 17,877.40.

The Indian rupee declined to 79.82 against the greenback, its weakest level since September 8. On the downside, 80.1 is possibly seen as the next support level.

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