The Indian rupee, unlike its Asian peers, declined against the U.S. currency on Monday on dollar demand from foreign banks and importers, according to traders.
The rupee was trading at 81.6650 at 10:40 a.m. IST, down from 81.5225 in the previous session. Other Asian currencies advanced, led by the onshore Chinese yuan.The rupee's listless move despite the Asian cues is not a major surprise, a spot trader at a private sector bank said. Foreign banks were on the bid on USD/INR at open, and importers were likely active, the trader added.
For the Fed, a key marker would be how the officials respond to markets pricing in rate cuts later this year. The actual rate decision is unlikely to have an impact with a 25 basis points hike fully baked in.
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