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Indian rupee faces more pressure with likely Fed rate hike compounding oil pain
MUMBAI: The Indian rupee is likely to remain under pressure on Wednesday, with a Federal Reserve rate hike later in the day adding to the strain from high oil prices. The Indian rupee is expected to open marginally weaker and is at risk of slipping past the 96 mark, traders said, after settling at 95.9550 to the dollar on Tuesday. The local currency has fallen for seven straight sessions, shedding about 1.5% despite the central bank’s near-daily intervention to support it. The slide has been largely one-way, with the rupee weakening to just shy of the 96-a-dollar mark from around 94.30 ab...
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