The Indian rupee fell below 82 to the U.S. currency for the first time in over a month on Tuesday, likely due to stop losses and dividend payment-related outflows.
The rupee was at 82.2550 to the dollar at 10:58 a.m. IST, down from 81.79 in the previous session. The local unit dropped to a low of 82.34, a level last seen on Nov. 4.
Talk of a mining company's large dividend payment-related dollar outflow was adding to the USD/INR upside momentum, they added. Futures currently show that traders expect the Fed rate to peak at around 5% mid-next year. That could be revisited if U.S. data continues to surprise positively.
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