Indian Rupee Hits 5-day Low Against U.S. Dollar
July 27 2022 - 2:58AM
RTTF2
The Indian rupee fell against the U.S. dollar in evening deals
on Wednesday, as oil prices rose and caution prevailed ahead of the
Federal Reserve's interest rate decision due out later today.
The Fed is expected to raise interest rates by 75 basis points
for the second straight month when it concludes its two-day meeting
at 2 pm ET.
Oil prices advanced following an industry data showing a
larger-than-expected drawdown in U.S. crude stockpiles last
week.
The Indian rupee neared the key 80-mark against the greenback,
touching a 5-day low of 79.92. The rupee is likely to locate
downside target around the 80.2 level.
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