Indian Rupee Depreciates Beyond 82 Against The U.S. Dollar

The Indian rupee depreciated below 82 levels against the U.S. dollar on Tuesday after the greenback rallied as upbeat jobs data backed fears that the Federal Reserve will continue rate hikes into 2023.

The local currency opened at 81.90, depreciating 10 paise against Monday’s close of 81.79. It lost as much as 48 paise on Monday.

During the opening trade, the rupee depreciated to 82.14. This is the first time since Nov. 7 that the rupee has touched 82-levels.

“U.S. dollar rallied yesterday on the back of upbeat economic data from the US and a surge in US treasury yields,” ICICI Securities said in a note. “Yields rose as improved services PMI data and solid job reports reinforced expectations the Fed will continue to raise interest rates well into 2023.”