Rupee hits over 2-week low as US yields firm, premiums drop
The Indian rupee slipped to a more-than-two-week low against the dollar as the greenback continued to recover on firmer US Treasury yields. The currency and USD/INR premiums are expected to stay volatile until the Federal Reserve’s monetary policy announcement in May. The chance of a 25 bps rate hike from the Fed in June is now at around 30%, compared with less than 6% last week
