The Indian rupee weakened against the U.S. dollar in the morning deals on Wednesday, as investors remained cautious amid worries on China’s economic slowdown after the nation’s central bank fixed the yuan at a fresh five-year low against the U.S. dollar.
Against the greenback, the rupee fell to a 3-week low of 66.8100 from an early high of 66.5100. At yesterday’s close, the rupee was trading at 66.5000 against the greenback.
If the rupee extends its downtrend, it is likely to find support around the 67.30 area.
The material has been provided by InstaForex Company – www.instaforex.com