Forex
Rupee Tumbles as Crude Oil Prices Surge and Fed Decision Looms
The Indian Rupee (INR) has lost ground against the US Dollar (USD) after a three-day winning streak, due to a sharp rebound in crude oil prices.
The MCX August 19 crude oil contract is trading 3.4% higher near Rs. 7,860, reversing a three-session decline and reviving concerns over India's oil import bill.
The Federal Reserve (Fed) is expected to hold rates at 3.50%-3.75%, with futures implying a 69.5% probability of no change ahead of the policy announcement at 18:00 GMT.