Rupee Weakens A Touch As Dollar Stands Tall On Renewed Fed Rate Hikes Focus

Rupee Today: The Indian currency weakened a touch against a surging dollar as the focus shifted back to an even more aggressive Fed rate hike path.

The rupee weakened a touch against a surging dollar as the focus shifted back to an even more aggressive Federal Reserve rate hike path after red-hot inflation reading, with a 100 basis point lift-off now on the cards.

Bloomberg quoted the rupee last changing hands at 79.4850 per dollar, after opening at 79.5050, compared to Wednesday's close of 79.4400.

PTI reported that the Indian currency fell 1 paisa to 79.53 against the US dollar in early trade.

On Thursday, the dollar maintained its recent highs as market speculation intensified that the Fed still has more work to do in order to slow down the rate of inflation.