MUMBAI: The Indian rupee weakened on Wednesday, tracking losses in other Asian peers, while bond yields were largely steady as investors awaited the outcome of the US Federal Reserve’s policy meeting where it is widely seen raising rates by 75 basis points.
The partially convertible rupee was trading at 79.87/88 per dollar by 0500 GMT compared to its close of 79.78 on Tuesday.
Most other currencies in Asia too were broadly weaker as investors remained on edge ahead of a highly anticipated US Fed meeting that could determine the path of policy tightening for the region’s central banks.
The Reserve Bank of India too will meet between Aug. 3 and Aug. 5 to decide on rates, with most market participants predicting a 50 basis points hike.
The benchmark 10-year bond yield was trading steady on the day at 7.37%.
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