The Indian rupee moderately lost value on Wednesday against the world's reserve currency as concerns are growing about the next steps for the U.S. Federal Reserve regarding monetary policy, according to Bloomberg.
U.S. retail sales data last month registered at 0.2 percent higher, pushing beyond economists' projections for gains of 0.1 percent. The U.S. Federal Reserve is slated to meet for two days later this month for a changing of the guard. The tenure of chairman Ben Bernanke is set to close while that of Janet Yellen is scheduled to begin on February 1. The U.S. Senate approved her nomination earlier this month.
The Reserve Bank of India is slated to convene officials to discuss monetary policy on January 28, which also is the first day of the Fed's meetings.
The rupee slid about 0.1 percent from its close on Monday following observation of a national holiday in the subcontinent on Tuesday.
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