Indian rupee faces heat after Powell cools December rate-cut prospects

The Federal Reserve Chair signalled a December rate cut is far from assured, sending U.S. Treasury yields higher and pressuring the Indian rupee. The one-month non-deliverable forward for the rupee pointed to an open in the ₹88.32–88.36 per dollar band, after prior close at ₹88.1950. The 10-year U.S. yield rose 8 basis points, the 2-year by 10 basis points. The dollar index climbed roughly 0.4%, with Asian currencies broadly weaker amid a recalibration of rate-cut expectations.