Indian rupee weakens amid stronger dollar and Fed rate speculation
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MUMBAI — The Indian rupee recorded a decline, closing at Rs 83.08 against the U.S. dollar today, as market players reacted to a stronger dollar and speculation over upcoming Federal Reserve actions. The dollar index, which measures the greenback against a basket of currencies, firmed up to levels around 102.80-102.84, exerting pressure on the rupee.
Investor sentiment was dampened partly by disappointing economic data from Europe, which contributed to a fall in European stock markets and a rise in U.S. Treasury yields. These market movements come ahead of a series of speeches by Federal Reserve officials, including comments from Fed official Raphael Bostic.
The anticipation surrounding the Federal Open Market Committee (FOMC) meeting scheduled for January 31 is also high, as the outcome could signal further interest rate adjustments, influencing global exchange rates.
