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Forex News: Indian Rupee Weakens To 5-day Low Against U.S.

Indian Rupee Weakens To 5-day Low Against U.S. Dollar

07/07/2021 - 02:59:00 (RTTNews)

(RTTNews) - The Indian rupee slipped against the U.S. dollar in the morning session on Wednesday, amid broad dollar strength and higher oil prices.

The dollar got a boost ahead of the Fed minutes due later in the day.

The June meeting surprised markets by the Fed's hawkish tilt, signalling two rate hikes in 2023 and the start of a discussion about the process of tapering the quantitative easing program.

The Indian rupee fell to a 5-day low of 74.80 against the greenback from Tuesday's close of 74.74. Next key support for the Indian rupee is likely seen around the 76 region.

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