Indian rupee declines to 64.50 as US dollar hits 3-week high

Hindu Business Line file photo

Mumbai, India (BBN) – The India rupee further dropped by 22 paisa to 64.50 against the US dollar due to growing safe haven appeal for the American currency owing to increased geo-political risks and higher chances of a tighter US monetary policy.
The rupee opened marginally lower at 64.33 against last Friday’s level of 64.28. It moved in a range of 64.50 to 64.31 during morning deals before quoting at 64.44, down 16 paisa at 11.35 am local time, reports The Hindu Business Line quoting PTI.
Meanwhile, the dollar index was trading steady at 101.23 against a basket of six currencies.
Overseas, the dollar started the week at a three-week high against the basket of currencies after a key US Federal Reserve official reinforced the central bank’s commitment to interest rate hikes, going forward.
BBN/SK/AD

No Subscription? You Are Missing Out!

Join the business leaders of Bangladesh who rely on BBN's original reporting and in-depth analysis on business scenario of the country. We send only one daily email. No Spam Guaranteed!

Your Name (optional)

Your Email (Required) *

Subscribe

Please check your email and confirm your subscription