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Reuters
Rupee slips as Asian peers weaken on hawkish Fed remarks
The Indian rupee declined against the U.S. dollar on Thursday, tracking most of its Asian peers, after U.S. Federal Reserve officials said they were likely to continue raising rates for longer. The Reserve Bank of India’s (RBI) hawkishness on Wednesday seemed to be supportive of the rupee, but there’s anticipation that the Fed will continue tightening rates for longer than markets were initially expecting, which takes away the rupee’s attractiveness, a private bank trader added. Most Asian currencies and stocks declined, while U.S. shares fell overnight as yields remained elevated on higher interest rate concerns.
