The Indian rupee lost ground against the U.S. dollar in early deals on Wednesday following a decline in regional stocks.
The rupee also faced selling pressure as U.S. dollar got lift on hopes of Fed making an early exit from its easing program in the wake of Tuesday's upbeat U.S. economic reports on consumer confidence and home price index.
India's benchmark BSE Sensex is now trading at 20,118, down 0.21% percent and the National Stock Exchange's S&P CNX Nifty is down 0.33% to 6,091 from its previous close.
The rupee depreciated 0.11 percent to 56.1755 against the greenback, its weakest level since August 2012. If the rupee extends downtrend, it has next immediate support around 56.5 level. The greenback-rupee pair ended Tuesday's deals at 56.1155.
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Forex News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.