Rupee edges down as Fed commentary boosts dollar broadly

The Indian rupee fell against the US dollar as the dollar strengthened following the US Federal Reserve’s announcement of potential rate hikes this year. The rupee was trading at 82.2200 to the dollar, compared to 82.0950 on the previous day. Most Asian currencies lowered by 0.12-0.4%. Despite the rupee’s strength from positive domestic factors, according to Forex & Bullion Analyst Gaurang Somaiya, the ongoing negatives from global factors cause a slight depreciation. The USD/INR could potentially reach 82.28-82.35 if 82.19 resistance breaks, say analysts.