Fed Rate Hike

Brent crude futures gained 28 cents to $85.18 per barrel by 0155 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 9 cents to $77.99

US Fed will hold its meeting on January 31 and February 1 and announce the policy on February 2

The dollar index, which measures the U.S. currency against six others, rose 0.059% to 102.220 but was languishing around its lowest level since June

Nageswaran added that the economy will be $3.5 trillion by the end of the current fiscal, FY23

The yuan hovered near an almost three-month high after China revealed a loosening of stifling COVID restrictions

The Federal Reserve could scale back the pace of its interest rate hikes "as soon as December," Fed Chair Jerome Powell said

The dollar was struggling to make headway after thin trading on Thursday due to the U.S. Thanksgiving holiday

The dollar stood close to a three-month low and was on track for a weekly loss on Friday, as the prospect of the Federal Reserve slowing monetary policy tightening

Spot gold was flat at $1,739.90 per ounce by 0121 GMT

The rupee fell 39 paise to an all-time low of 82.69 against the US dollar in early trade as elevated crude oil prices and risk-averse sentiment among investors weighed on the local unit

The RBI's monetary policy committee (MPC) has already hiked the key policy rate by 140 bps since May to 5.4%

That's a sharp and swift change from just 12 months ago, when Fed forecasters predicted no rate hikes in 2023

The benchmark 10-year Treasury yield hit its highest in over a decade on Monday and the dollar strengthened as investors were on edge before an expected hefty Fed interest rate hike

Investors bracing for another jumbo Federal Reserve rate hike are focused on a few key trades: betting on deeper inversion in the US yield curve, further losses in stocks and a stronger dollar

The US dollar remained elevated on Wednesday following its biggest surge in three weeks against major peers overnight

Markets perceive Fed as being less hawkish

The Indian rupee weakened slightly against the dollar on Tuesday, while bond yields were little changed, as investors awaited the outcome of the US Federal Reserve's policy meeting

The dollar wobbled around just below multi-decade peaks on Tuesday, as traders waited on a rate hike from the US Federal Reserve

Powell has said either 50 or 75 basis points would be on the table at the Fed's July 26-27 meeting

The greenback is affecting everything from cost of an overseas vacation to profitability of MNCs