Rupee Hits Five-Month Low Amid Strong Dollar Demand

The Indian rupee slipped to its lowest level since late July due to strong dollar demand from local companies and expectations of a U.S. Federal Reserve rate hike.

Persistent interventions by the Reserve Bank of India helped the rupee hold above the 96 per dollar mark over recent sessions.

In other currency pairs, the euro stabilized as the US dollar remained supported ahead of today's Federal Reserve decision, with investors increasing bets on further European Central Bank rate hikes amid renewed inflation concerns.