- India’s rupee fell as much as 0.4% to 96.85 per dollar, approaching its all-time low of 96.9650 reached in May.
- The RBI hiked rates for the first time in four years, but the move left traders wanting more aggressive steps to tighten liquidity and support the currency.
- The rupee was the worst performer in Asia on Wednesday.
Quotes
“India’s rupee retreated even after the central bank hiked interest rates for the first time in four years, as the lack of more aggressive steps to tighten liquidity and support the currency left traders disappointed.”
“The rupee slid as much as 0.4% to 96.85 per dollar to be the worst performer in Asia on Wednesday, inching closer to an all-time low of 96.9650 reached in May.”