Comments
The Indian rupee opened lower against the US dollar on Monday, as decline in Asian equities and bets that the Federal Reserve will continue to raise policy rates, boosted the dollar.
The rupee was trading at 79.81 per US dollar in early trade, compared with 79.7750 in the previous session.
Key points
The dollar index rose to 108.25 on Monday, the highest in five weeks.
10-year Treasury yield climbed above 3 per cent for first time since July 21.
Richmond Fed President Thomas Barkin said on Friday that the "urge" among central bankers was towards faster, front-loaded rate increases.
Related Stories
Stocks that will see action on August 22
Buzzing stocks: Paytm, L&T, ACC, Ambuja Cements, Paras Defence, Shipla Medicare, AstraZeneca, Tejas Networks, Brooks Lab, Nalco and Indrayani BiotechOdds of 50-basis points or 75-basis points Fed rate hike at September meeting almost even.
Focus this week on comments by Fed Chair Jerome Powell on Friday at the annual symposium in Jackson Hole, Wyoming.
Reserve Bank of India tipped to step in near to 80 levels, traders said. RBI defended rupee when it reached record low of 80.0650 last month.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.