The rupee fell to 81.77 against the dollar in early trade on Wednesday, hitting a fresh low for the day. The dollar remained tentative ahead of the Federal Reserve’s policy meeting minutes.
In early trade on Wednesday, the rupee opened at 81.76 against the dollar, before falling to its lowest level of the day at 81.77. The rupee has been on a downward spiral in recent weeks, and this latest fall takes it to a new low against the dollar.
The Indian currency has been under pressure due to a number of factors, including concerns about the country’s fiscal deficit and inflationary pressures. The weak rupee is also making imported goods more expensive, which is likely to impact consumer spending.
The Federal Reserve’s policy meeting minutes will be released later today, and traders are awaiting clues on the outlook for interest rates in the US. A higher interest rate environment is generally negative for emerging market currencies like the rupee.
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