Rupee Touches 83.01 Against Dollar Ahead Of Key Federal Reserve Bank Meeting

New Delhi: Ahead of the key Federal Reserve Bank meeting this week the Indian rupee on Monday touched a high of 83.01 against the US dollar. The Indian currency opened at 82.57 but touched a high of 83.01 during intraday trade and eventually closed at 82.74.Also Read – Indian Rupee Falls To Hit New Record Low Against US Dollar

There are expectations of another rate hike by the US Federal Reserve when it meets on Wednesday, November 2. Also Read – Global Stocks Fall After UK PM Truss Defends Tax Cuts

Analysts are hoping that US Federal Reserve chairman Jerome Powell may be less hawkish while reviewing key rates. Also Read – Indian Currency Sees Tremendous Decline Against US Dollar, US Treasury’s Yield Records Over 4% For First Time Since 2010 – Watch

Traders are also awaiting the manufacturing PMI and trade deficit data, which is expected to be released on Tuesday as it may significantly impact the rupee movement.

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