Rupee trades marginally down at 83.10 against dollar as most Asian currencies sink

Asian currencies were trading weaker as uncertainty clouds the Federal Reserve’s path on monetary policy after officials poured cold water over market bets on rate cuts early next year

The rupee opened marginally weaker against the dollar tracking losses in Asian currencies.

At 9.10am, the home currency was trading at 83.10 a dollar, down 0.05 percent from its previous close of 83.06.

Asian currencies were trading weaker as uncertainty clouds the Federal Reserve’s path on monetary policy after officials poured cold water over market bets on rate cuts early next year.

Federal Reserve Bank of Chicago President Austan Goolsbee was the latest to join a chorus of officials tempering optimism on rate cuts. While easing is still expected next year, the pace and timing still hinges on the central bank reining in inflation, Bloomberg reported.

The South Korean won fell 0.55 percent, Japanese yen 0.47 percent, China renminbi 0.15 percent, Taiwan dollar and the Philippine peso lost 0.09 percent. Among gainers, the Malaysian ringgit was up 0.22 percent while the Indonesian rupiah was up 0.12 percent.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 102.551, down 0.02 percent from its previous close of 102.561.

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