The Indian rupee declined against the U.S. dollar in the evening session on Wednesday, as regional stocks fell amid weak global cues following comments from Federal Reserve Governor Lael Brainard indicating aggressive rate hikes and larger reductions to the balance sheet to reduce inflation pressures.
The U.S., European Union and Group of Seven are preparing a fresh round of sanctions on Russia, which includes a U.S. ban on investment in the country and an EU curb on coal imports.
The benchmark S&P BSE Sensex fell 566 points, or 0.94 percent, to 59,610, while the broader NSE Nifty index was down 149 points, or 0.83 percent, at 17,807.
The Indian rupee depreciated to a 2-day low of 75.80 against the greenback from yesterday’s close of 75.40. The currency may test support around the 77.00 region, if it falls again.