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Reliance Securities Report
The Indian rupee depreciated against the U.S. dollar on Wednesday amid increasing bets that the U.S. Federal Reserve could accelerate the pace of policy normalisation and signal more rate hikes for next year.
Investors now see a more than 54.5% chance of a rate hike in the U.S. by March 2022, according to the CME Group's Fed Watch programme.
Additionally, absence of Reserve Bank of India's, dollar outflows also weighed on the local unit.
The rupee ended at 76.23 compared with 75.87 close in previous session.
Regional equities ended broadly lower, while currencies were mixed. India's benchmark BSE Sensex slipped 0.6% on Wednesday and weighed on sentiments.
The U.S. dollar turned lower as investors digested the U.S. Fed tapering announcement.
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