Currency Buzz: INR Weakens As Focus Turns To Fed

27 Jul 2022 , 05:01 PM

Risk averse sentiment ahead of Federal reserve decision later in the global day weighed on investors appetite that dragged the Indian rupee lower. Although expectations are in for a Fed rate hike, the quantum remains unsure amid deteriorating economic data from the United States. INR declined 13 paise to close at 79.91 (provisional) against the US dollar on Wednesday. At the interbank foreign exchange market, the local currency opened at 79.83 and finally ended at 79.91, down 13 paise over its previous close. On Tuesday, the rupee had settled at 79.78 against the American currency. Powered by Commodity Insights