# Indian rupee to struggle on more Fed rate hike bets; US yields surge - Markets - Business Recorder

> The rupee was expected to weaken after U.S. yields and the dollar index rose on stronger-than-expected GDP and lower jobless claims. Markets priced nearly an 85% chance of a Fed hike next month, and the 2-year Treasury yield reached about 4.90%.

- Date: 2023-06-30 · published 2023-06-30T12:00:00.000Z
- Category: macro · region India · magnitude low
- Page: https://feedsoft.ai/events/35782-indian-rupee-to-struggle-on-more-fed-rate-hike-bets-us-yields-surge-markets
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Indian Rupee (INR per USD)](https://feedsoft.ai/c/USDINR.md)

## Why it matters

Higher U.S. yields and a firmer dollar make dollar-denominated commodities more expensive for importers using weaker currencies, which can curb demand.

## Read by commodity

- DXY: bullish ▲
- USDINR: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2024-04-26 | [Indian rupee to see muted reaction to US inflation flare-up - Markets - Business Recorder](https://feedsoft.ai/events/31014-indian-rupee-to-see-muted-reaction-to-us-inflation-flare-up-markets-business.md) | -0.3% | -0.9% |
| DXY | 2023-09-28 | [Indian rupee poised to test record low as oil prices, US yields climb - Markets - Business Recorder](https://feedsoft.ai/events/34393-indian-rupee-poised-to-test-record-low-as-oil-prices-us-yields-climb-markets.md) | +0.5% | +0.8% |
| DXY | 2024-01-31 | [Indian rupee to weaken as odds of Fed rate cut in March diminish - Markets - Business Recorder](https://feedsoft.ai/events/32382-indian-rupee-to-weaken-as-odds-of-fed-rate-cut-in-march-diminish-markets.md) | +0.3% | +0.4% |
| DXY | 2024-03-15 | [Indian rupee poised to weaken as Fed rate cut expectations recede more - Markets - Business Recorder](https://feedsoft.ai/events/31480-indian-rupee-poised-to-weaken-as-fed-rate-cut-expectations-recede-more-markets.md) | +0.5% | +1.1% |
| DXY | 2021-02-22 | [US money markets bringing forward Fed rate hike bets to end-2022 - Markets - Business Recorder](https://feedsoft.ai/events/48546-us-money-markets-bringing-forward-fed-rate-hike-bets-to-end-2022-markets.md) | +1.0% | +1.1% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40250442

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.