Indian rupee at over two-year low after ECB stimulus, Fed rate hike fear
Dec 4 The Indian rupee slumped to an over two-year low on Friday, tracking weakness in global markets after the European Central Bank’s stimulus package fell short of expectations and renewed fears of a U.S. rate hike.
The Indian rupee was trading at 66.96/97 to the dollar by 0554 GMT, its lowest since Sept. 4, 2013. It had closed at 66.6525/66.6625 per dollar on Thursday.
Federal Reserve Chair Janet Yellen, speaking before Congress’ Joint Economic Committee on Thursday, said the United States may be “close to the point at which we should be raising” rates.