NewsMV
Rupee Near 96 as Hawkish Fed Pulls Indian Ocean Currencies Lower The Indian rupee skidded to a fresh all-time low on Monday, trading inside 95.93 against the US dollar and pressing toward the 96 handle that desks from Mumbai to Male had been warning about for weeks.
A stronger-than-expected US payrolls print on Friday lit the fuse, repricing the Federal Reserve path and dragging almost every Asian unit lower with it.
For the Indian Ocean rim, the move is more than a headline number on a Bloomberg screen. The dollar index pushed above 106.50, its highest reading since late 2024.
CME FedWatch now puts the odds of a US rate cut before September at under 30 percent, a sharp climb-down from earlier in the spring.
Keep reading