Rupee Near 96/USD on Hawkish Fed Outlook

Asian currencies fell, with the Indian rupee reaching a fresh record low of 95.96 per USD, up 1.3% weekly.
Strong US economic data—retail sales +0.5%, low jobless claims, higher import prices—boosted the dollar and heightened expectations of a December Fed hike.
CME FedWatch shows probability of a 25‑bp rate increase in December rising to about 40%, eliminating market hopes for a 2026 cut.
The rupee’s weakness is driven by rising crude oil prices, fund outflows and India’s widening import bill amid Strait of Hormuz tensions.