Indian Rupee clings to recent losses ahead of Fed’s policy
The Indian Rupee (INR) holds onto over-a-week long losses against the US Dollar (USD) in the opening session on Wednesday.
The Indian Rupee has maintained its recent decline against the US Dollar in the early trading session on Wednesday. As of press time, the USD/INR pair hovers near a seven-week peak around 96.00, as the domestic currency remains under pressure due to rising US Treasury yields ahead of the Federal Reserve's monetary policy announcement at 18:00 GMT.
The 10-year US Treasury Yields have seen a 0.35% decrease, hovering near 4.98%, but still close to its 19-year peak of 5.04% observed on Tuesday. Despite interventions by the Reserve Bank of India (RBI) through spot and Non-Deliverable Forwards (NDFs) markets, the Rupee has yet to show significant improvement.
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