March 29, 2023

Rupee falls 26 paise against the dollar as Fed rise worries are caused by strong US data.


The Indian rupee weakened by 26 paise to end at a nearly two-week low of 64.48 against the US dollar on Wednesday, tracking losses in other emerging market currencies as a hawkish Federal Reserve fuelled concerns about faster interest rate hikes in the US.

The dollar strengthened against a basket of currencies after the release of strong US data on inflation and retail sales.

The Federal Reserve’s Beige Book report also showed that the US economy was expanding at a moderate pace.

All these factors led to concerns that the Fed could raise interest rates at a faster pace than expected.

The hawkish tone of the Fed minutes weighed on emerging market currencies, including the rupee.

The rupee had ended at 64.22 against the dollar on Tuesday.

Wednesday’s fall was the rupee’s steepest since March 8 when it had weakened by 30 paise.

The rupee is likely to come under further pressure in the near-term as the dollar is expected to remain strong on the back of positive US data.

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