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Reliance Securities Report
The Indian rupee depreciated on Wednesday against the U.S. dollar weighed down by greenback demand from importers and squaring off their short dollar positions.
The rupee ended at 74.39 compared with 74.04 in the previous session. The unit fell 0.5% this Wednesday.
Strengthening of the dollar and bond yields on Wednesday's trade also weighed on sentiments.
In the early half of the week, the local unit was indeed helped by the flows related to the Paytm IPO, however, markets have already factored that in.
The U.S. dollar spiked on Wednesday after U.S. consumer prices surged to their highest rate since 1990, fuelling speculation that the Federal Reserve may raise interest rates sooner than expected.
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