The Indian rupee remained stable against the dollar as new U.S. data increased expectations of further interest rate hikes by the Federal Reserve. The rupee ended slightly higher at 82.0550 to the dollar, staying within a narrow 12 paisa range. The dollar’s strength and anticipation of future rate hikes are preventing significant gains in the rupee. Other Asian currencies also declined as U.S. economic data supported the view that the Fed will continue raising rates. The July Fed rate hike is now highly likely, and rate cuts are not expected until May next year.
