The Indian rupee extended last week's loses against the U.S. dollar on Monday, in line with other Asian currencies, on worries that U.S. interest rates were likely to remain high longer.
The rupee was at 82.7275 per U.S. dollar by 10:38 a.m. IST, compared with 82.4975 in the previous session.Like last week, we expect the USD/INR pair to face resistance at 82.80-82.90 levels, a spot trader at a private sector bank said.
It will be a surprise if that level is taken out and will likely spur more quick losses for the rupee, he said. The weak risk appetite in Asia propped up the dollar, already supported by expectations of a higher U.S. Federal Reserve rate peak and waning rate cut hopes for the current year. Most Asian shares and U.S. equity futures declined. The dollar index rose to near 103.75 and the Korean won paced losses on Asian currencies.
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