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Indian rupee dips amid anticipation of Fed policy direction

EditorPollock Mondal
Published 11/07/2023, 07:26 AM
© Reuters.

The Indian rupee's exchange rate fell to 83.2575 against the dollar on Tuesday, reflecting the movements of other Asian currencies. All eyes are on the upcoming speeches from Federal Reserve policymakers this week for indications of future monetary policy direction. The rupee's trading range has been restricted between 83 to 83.30 due to continuous interventions by the Reserve Bank of India (RBI).

Asian currencies receded between 0.1% to 0.9%, following a rise in the dollar index, which ascended to 105.57 after hitting a month's low on Monday. This surge was in response to the Fed's decision last week to maintain key interest rates and persist with a dovish stance.

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