The Indian rupee absorbed its biggest loss in seven-plus days during the Wednesday trade session against the world's reserve currency as policy makers with the U.S. Federal Reserve prepare to conduct two days of policy meetings to discuss monetary stimulus plans, Bloomberg reports.
The subcontinent's central bank on Tuesday pushed up repurchase rates to 7.75 percent from 7.5 percent. Traders and analysts are scrutinizing the Fed in the aftermath of a slowdown in the September job market, according to data released early last week.
In India, "given the recent rebound in inflation pressure and yet tepid growth, the bar to adjust policy rates in either direction will be high in the coming months" indicates a Wednesday research report penned by analysts with Credit Agricole CIB in Hong Kong, Bloomberg reports.
The Indian rupee fell 0.3 percent against the world's reserve currency during the Wednesday trade session, data gathered by Bloomberg notes.
The greenback has been benefiting against its counterpart currencies from speculation about what the Fed will decide following two days of policy meetings, according to The Indian Express.
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