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Rupee Weakens as Dollar Strength Gains Momentum

Guavy AI Editorial Team
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USD
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The Indian rupee weakened by 11 paise to 95.49 against the US dollar on Monday, August 31, due to a stronger dollar and higher crude oil prices.

The rupee had gained 0.2% last week but trading remained largely rangebound, with the currency moving within a narrow band of around 30 paise.

Market expectations for a US Federal Reserve rate hike rose to nearly 60%, from around 35% before Fed Chair Kevin Warsh's comments on Friday, August 28. A higher US interest rate outlook can support the dollar and reduce the appeal of emerging-market currencies such as the rupee.

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