The Indian rupee lost ground against the U.S. dollar in early deals on Thursday as latter gained across the board on expectations of Fed winding down asset purchase program earlier than expected.
In his testimony before the Joint Economic Committee of Congress yesterday, Fed chief Bernanke indicated that the central bank may scale back bond buys "in the next few meetings" if the economic recovery continued.
The rupee touched 55.875 per dollar, a level not seen since November 2012. The rupee thus lost 0.39 percent against the greenback from yesterday's close of 55.6605. On the downside, the rupee may breach 56.4 level.
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