Rupee weakens for fourth session against US dollar
The rupee was trading at 65.21 a dollar, down 0.07% from its Monday’s close of 65.18
The Indian rupee on Tuesday weakened for the fourth consecutive session against the US dollar after local equity markets fell for the fifth session.
The rupee opened at 65.24 a dollar and touched a low of 65.24. At 9.15am, the home currency was trading at 65.21 a dollar, down 0.07% from its Monday’s close of 65.18.
Benchmark Sensex index fell 0.13%, or 42.32 points, to 32,880.80. So far this year, it has declined 3.3%.
The US Federal Reserve is expected to raise interest rates on Wednesday with new chairman Jerome Powell giving his first press conference. Market expectations for a March rate hike were at 94.4% as of Monday morning, according to a Reuters report.
The 10-year bond yield was at 7.593% compared to its previous close of 7.607%. Bond yields and prices move in opposite directions.