Indian Rupee Off Record Low Against U.S. Dollar

The Indian rupee rebounded from a record low against the U.S. dollar in the evening session on Friday.

Fed Chair Powell’s hawkish remarks overnight boosted the dollar and weighed on the rupee in the previous session.

Powell said that policymakers are not confident that they have achieved a sufficiently restrictive stance to return inflation to the target.

The Fed Chair asserted that more tightening may be required if necessary.

The Indian rupee was trading at 83.26 against the greenback, after falling to a record low of 83.47 in the previous session. The currency may find resistance around the 82.00 level.