CosmicTaco

Rupee Declines Amid Asian Currency Weakness

CosmicTaco · 2024-09-02T17:19:10.296460+05:30

- The **Indian rupee** declined on Monday, settling at 83.9175 to the U.S. dollar, tracking weakness across other major Asian currencies. - Investors are looking for data to gauge the pace of **monetary policy easing** by the Federal Reserve, with the upcoming U.S. jobs report being critical. - The **Reserve Bank of India** is expected to intervene around the 84 mark to cap the rupee's decline, according to market traders. - Major cryptocurrencies also experienced losses, with **Bitcoin** falling below $58,100 and **Ethereum** dipping below $2,500. - The **crypto market** closed the month negatively, with September historically being poor for returns, influenced by factors like the U.S. presidential election and potential rate cuts.

The Indian rupee declined on Monday, settling at 83.9175 to the U.S. dollar, tracking weakness across other major Asian currencies.
Investors are looking for data to gauge the pace of monetary policy easing by the Federal Reserve, with the upcoming U.S. jobs report being critical.
The Reserve Bank of India is expected to intervene around the 84 mark to cap the rupee's decline, according to market traders.
Major cryptocurrencies also experienced losses, with Bitcoin falling below $58,100 and Ethereum dipping below $2,500.
The crypto market closed the month negatively, with September historically being poor for returns, influenced by factors like the U.S. presidential election and potential rate cuts.