Rupee at 1-month high as US data fuels hopes of lower Fed hike
The Indian rupee appreciated sharply on Monday as the dollar index tumbled after economic data released last week raised hopes that the Federal Reserve will slow the pace of rate hikes.
The rupee was trading around a one-month high of 82.30 per dollar by 10:15 a.m. IST, as compared to its previous close of 82.72.
The rupee was trading around a one-month high of 82.30 per dollar by 10:15 a.m. IST, as compared to its previous close of 82.72.
Markets have reduced their expectations of a large rate increase next month, with futures implying a near 75% chance of a 25 basis point hike.