Indian Rupee Drops To Near 4-week Low Against U.S. Dollar
01:07, 25th January 2022
(RTTNews) - The Indian rupee depreciated against the U.S. dollar in afternoon deals on Tuesday, after the latter strengthened on safe-haven demand amid U.S.-Russia tensions and caution ahead of the Federal Reserve's meeting that could signal the first rate hike in March.
Investors await the Fed meeting beginning later today, which is expected to lay down the ground work for a rate hike in March.
U.S.-Russia tensions escalated amid a continued buildup of Russian troops near the border of Ukraine.
The Indian rupee touched near a 4-week low of 74.80 against the greenback from Monday's close of 74.64. If the rupee falls further, 76.00 is likely seen as its next support level.
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