Indian Rupee Falls To Near 5-week Low Against U.S. Dollar

04:16, 15th June 2021

(RTTNews) - The Indian rupee weakened against the U.S. dollar in evening deals on Tuesday, as the latter firmed ahead of the U.S. Federal Reserve's monetary policy meeting beginning today.

Although no change in policy is expected, investors hope that Fed officials could commence discussions on the QE withdrawal amid rising inflation.

Official data showed that India's consumer inflation rose at a faster pace in May, raising hopes that the RBI may take gradual steps towards monetary policy normalization later this year.

The Indian rupee dropped to near a 5-week low of 73.34 against the greenback from yesterday's close of 73.18. The rupee may locate support around the 75 level.