With a hawkish Federal Reserve and expectations surrounding Donald Trump’s second term as U.S. President keeping the dollar strong, traders anticipate that the Indian rupee will progressively fall in the near future. The currency is expected to trade flat to slightly down on Wednesday.
According to the 1-month non-deliverable future, the rupee will open between 85.62 and 85.63 versus the US dollar, up from its previous finish of 85.6150.
Under pressure from a drop in its regional peers, the local unit fell to its sixth consecutive record closing low on Tuesday.
In 2024, the rupee fell for the seventh year in a row, mostly due to several disadvantages in the year’s last quarter.
The dollar index was near its highest level in more than two years, while regional currencies were generally weaker. Several markets were closed for the New Year holiday.
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