Key Highlights :
1. The US dollar index surged following Jerome Powell's comments, and the rupee weakened against the US dollar as a result.
2. The US Fed is expected to hike interest rates more than previously anticipated, and this is likely to cause the US dollar to strengthen.
3. The rupee is likely to stay in a range of 81.90-82.50 per dollar for the rest of the day.
The rupee weakened sharply against the US dollar in early trade Wednesday after comments by Federal Reserve Chair Jerome Powell suggested that the central bank would tighten monetary policy to a greater extent than earlier anticipated.
Continue Reading at Source : business-standard