The rupee settled at 65.18 against 64.87 at the previous close. The local unit moved in 65.3150-65.0450 per dollar band intra-day.
The Indian rupee posted its first monthly decline in five months against the dollar, tracking a corresponding rise in the dollar index amid further bets of faster pace of rate increases from the U.S. Federal Reserve this year. The index seems to have bottomed out, which is mirrored by the rupee While markets have already factored in a 25-basis-point rate hike at the next Fed meeting, there are expectations that the Fed could hike rate not thrice but four times this year. As for the month, turmoil and outflows from equities as well, weighed on the rupee
Global Currency
The dollar hit a three-week high on Wednesday after an upbeat assessment of the U.S. economy by Federal Reserve Chairman Jerome Powell's boosted bets on more interest rate hikes, while the euro edged lower before inflation data. Against a basket of currencies, the dollar.
The euro has ticked lower in the Wednesday session, after considerable losses on Tuesday. Currently, EUR/USD is trading at 1.2330, down 0.10% on the day. It’s a busy day In the Eurozone, CPI Flash Estimate and Core CPI Flash Estimate posted gains of 1.2% and 1.0%, respectively
Global Markets
U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading lower early Wednesday in reaction to a private industry report which showed an increase in U.S. crude and gasoline stockpiles.
Gold prices eased off a two-and-a-half week low on Wednesday, as markets took a breather after comments by Federal Reserve Chair Jerome Powell in the previous session weighed heavily on the precious metal.
