Mumbai: The Indian rupee declined six paise to close at 94.73 per dollar on Tuesday, from its previous close of 94.67. The weakness came as the dollar index reached its one year high at 101 amid expectations of a rate hike by the US Federal Reserve.The rupee opened at 94.69 and traded in the range of 94.63 and 94.92. Dealers said that the weakness in the currency was largely due to the strength in the dollar index, rather than domestic factors. The currency is expected to trade in the range of 94.20 to 95.00 on Wednesday, as the dollar index is expected to strengthen further.
Rupee falls 6 paise to close at 94.73
The Indian rupee weakened by six paise against the US dollar on Tuesday, closing at 94.73. This dip was primarily driven by a surge in the dollar index to a one-year high, fueled by anticipation of a US Federal Reserve rate hike. Dealers indicated that global dollar strength, not domestic issues, impacted the rupee's performance. Further strengthening of the dollar index is expected, suggesting continued pressure on the rupee.
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