Photo: The Hindu Business Line
Mumbai, India (BBN) - The cup of woes for the Indian rupee seems to be brimming over as it weakened by 13 paisa more to 64.69 against the US dollar in early trade as US rate hike fears come back to haunt participants.
Fed officials’ highly hawkish comments mainly soured the forex market sentiment, reports The Hindu Business Line quoting PTI.
Dealers said the dollar's strength against other currencies overseas and its increased demand from importers put pressure on the rupee.
They said, however, a firm domestic stock market limited the rupee's losses.
Yesterday, the rupee had retreated after a three-session winning run and lost 28 paisa to end at 64.56 against the dollar with simmering geopolitical tensions taking the centre-stage at the global level.
Some caution ahead of key macro numbers — industrial production (IIP) for February and consumer inflation for March to be released on Wednesday — also added to the pressure.
Meanwhile, the benchmark BSE Sensex recovered 55.50 points or 0.18 per cent to 29,631.24 in early trade.
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