Indian Rupee Falls Despite Interest Rate Hike
The Indian rupee weakened 0.4% against the dollar to 96.7750 following the central bank's rate increase and tighter monetary policy message.
The currency reached its weakest level since mid-May and approached its record low of 96.96.
Rising oil prices are increasing pressure on India's currency because of the country's dependence on energy imports.
Goldman Sachs expects the Reserve Bank of India to deliver another 25-basis-point rate increase in December.
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