The Indian rupee weakened by six paise against the US dollar on Tuesday, closing at 94.73. This dip was primarily driven by a surge in the dollar index to a one-year high, fueled by anticipation of a US Federal Reserve rate hike. Dealers indicated that global dollar strength, not domestic issues, impacted the rupee's performance. Further strengthening of the dollar index is expected, suggesting continued pressure on the rupee.
The Indian rupee depreciated by six paise on Tuesday, closing at 94.73 against the US dollar. This weakening was largely due to a surging dollar index, which hit a one-year high on expectations of a US Federal Reserve rate hike. Market dealers noted that global dollar strength,…
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