The Indian rupee declined against the American currency on Thursday and forward premium touched this month’s highest on dollar recovery against its major peers and weak Asian cues.
Rupee INR = traded at 82.76 against the dollar, down from 82.46 in the previous session. According to traders, dollar selling by a large foreign bank had lifted the local currency to close to 82.40.
The dollar index=USD climbed 0.6 percent to 104.28 on US Federal Reserve’s interest rate forecast and poor risk appetite. Futures pointed to losses in the S&P 500 index, while European and Asian equities declined. Indian equities had their worst day since mid-October.