The Indian rupee weakened on Wednesday, as a hawkish tone by Federal Reserve chair Jerome Powell stoked concerns about interest rates being hiked by 50 basis points (bps) again as soon as this month.
Resuming trade after a one-day holiday, the rupee fell to 82.1275 per dollar by 10:34 a.m. IST compared with its previous close of 81.91.
The currency had only just broken out of a narrow trading zone and strengthened past 82 per dollar for the first time in a month last Friday.recent stronger-than-expected economic data in the United States suggests that the ultimate level of interest rates could be higher than previously anticipated.
"If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes." These were Powell's first comments following the higher-than-expected U.S. January jobs and inflation data that had led markets to expect around three more 25-bps hikes.
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