The Indian rupee depreciated sharply against the U.S. dollar on Tuesday, after the greenback rallied driven by upbeat jobs data backing fears that the Federal Reserve will continue rate hikes into 2023.
The local currency opened at 81.90, depreciating 10 paise against Monday's close of 81.79. It lost as much as 48 paise on Monday.
During the day's trade, the rupee depreciated as much as 1.01% to 82.62, before ending at 82.61.
This is the first time since Nov. 7 that the rupee has touched 82 levels.
"U.S. dollar rallied yesterday on the back of upbeat economic data from the U.S. and a surge in U.S. treasury yields," ICICI Securities said in a note. "Yields rose as improved service PMI data and solid job reports reinforced expectations the Fed will continue to raise interest rates well into 2023."
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