Indian rupee weakens against dollar; falls below Rs 79.65 [details]
The rupee movement against the dollar will be triggered by the inflation numbers of the US which are expected to be out later on Wednesday.
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The rupee movement against the dollar will be triggered by the inflation numbers of the US which are expected to be out later on Wednesday.
The rupee declined for a third straight quarter versus the US dollar while the benchmark 10-year bond yield spiked for a fourth quarter as concerns over sustained inflation and continuing foreign fund outflows weighed.
India's foreign exchange reserves fell to their lowest in over a year, dropping nearly $6 billion to about $591 billion in the week ending June 17, data showed.
The rupee opened weaker on Tuesday, a day after breaching 78 against the dollar for the first time ever and hitting a life low of 78.29 in the previous session as the greenback stood by a new 20-year peak.
The rupee extended its losses on Wednesday as the dollar strengthened after Federal Reserve Governor Lael Brainard said the US central bank needs to act and take inflation head-on.