The Indian rupee weakened against the U.S. dollar in the morning deals on Thursday amid risk aversion, following the negative cues from Wall Street overnight after Federal Reserve Chair Janet Yellen warned about high stock valuations. The continued increase in bond yields also weighed on investor sentiment.
Against the greenback, the rupee fell to nearly a 5-month low of 93.8750. At yesterday’s close, the rupee was trading at 63.5260 against the greenback.
If the rupee extends its downtrend, it is likely to find support around the 65.50 area.
The material has been provided by InstaForex Company – www.instaforex.com