Indian Rupee Drops To 4-day Low Against U.S. Dollar

The Indian rupee weakened against the U.S. dollar in afternoon deals on Monday, as strong U.S. non-farm payrolls report intensified expectations for aggressive interest rate hikes by the Federal Reserve.

Expectations for another 75 basis-point rate hike at the September meeting have grown following the data.

The Indian rupee dropped to a 4-day low of 79.59 against the greenback from Friday's close of 79.35. Immediate support for the currency is possibly seen around the 80.00 level.

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