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The Indian rupee weakened slightly against the dollar on February 27, closing at 82.835 per dollar from 82.75. Asian currencies fell as markets priced in further and longer Federal Reserve rate hikes, with a 25 basis point hike fully priced for both March and May.
A weaker rupee raises the rupee cost of imported feed ingredients such as soybean meal and corn, which can squeeze Indian feed buyers. Expectations of further Fed hikes support the dollar and keep emerging-market currency pressure elevated.
reuters.comAnushka TrivediMar 1, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
