The Indian rupee that declined against the U.S. dollar in early deals reversed way and held steady in late trading Wednesday.
The rupee is now trading at 53.015 against the greenback, compared to near a 2-week low of 53.1305 hit in early deals. The pair closed Tuesday's deals at 52.7362.
Global credit rating agency Standard & Poor's warned that there is a significant chance of cutting India's credit rating in the future. Expressing concerns over India's large fiscal and budget deficits, the ratings agency cited about rating downgrade if growth prospects and the external position worsen.
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Forex News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.