The Indian rupee fell to 83.4875 against the US dollar on Wednesday, down from 83.4325 in the previous session, driven by persistent dollar demand from public sector banks due to the monthly expiry of currency futures. Concerns about prolonged high US interest rates also weighed on Asian currencies. The Reserve Bank of India’s daily fix, used for settling cash-settled derivatives, indicated a premium, signaling higher dollar demand. Traders are hopeful for inflows as Indian bonds join the JPMorgan emerging market index on June 28, although the size and timing of these inflows remain uncertain.
Indian Rupee Declines Amid Dollar Demand and Futures Expiry
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