Rupee turns weak as dollar bounces in Asia

Published on Nov 22, 2023 11:52

Indian Rupee drifted lower against the US dollar today, holding around record lows amid a recovery in the US dollar index after minutes from the U.S. Federal Reserve�s recent meeting revealed that policy officials maintained that monetary policy had to be restrictive and had little appetite for rate cuts. Risk sentiment remains off and Asian equities have turned lower today. US stocks dipped on Tuesday while minutes from the Federal Reserve�s most recent meeting showed the central bank is "in a position to proceed carefully". The Fed�s minutes from its October 31-November 1 meeting showed the policy makers wrestling with conflicting signals and agreeing to continue with caution after voting to leave the Fed funds target rate at 5.25-5.50%. Indian Rupee is currently quoting at 83.33 per US dollar, down 5 paise on the day as the US dollar index neared 103.60 mark in Asian trades, coming off their two and half month low of 103 in last session.