- January 4, 2022
- Posted by: Stratford Team
- Category: Economy
NEW DELHI – The rupee weakened against the greenback on Tuesday as a jump in US Treasury yields and expectation of early rate increases by the Federal Reserve propelled the dollar index to a one-week high, dealer said.
The partially convertible rupee opened at 74.5000/$1 against 74.2600/$1 at the previous close. So far in the day, the rupee moved in a band of 74.5000/$1-74.5375/$1.
The dollar index, which measures the US currency against a basket of six major currencies, was last at 96.23 as against 95.80 at 4:00 pm Monday. The index was at 96.09 at the beginning of the previous week.
Currency traders also unwound bets in favour of the rupee ahead of key events lined up this week, including a decision on global output by the Organization of the Petroleum Exporting Countries (OPEC), the release of the minutes of the Fed’s December policy meeting and employment data in the world’s largest economy.
The decision on output by OPEC is likely to have a…
