The rupee held the overnight levels against the dollar on the money market on Saturday in the process of trading, dealers said. The rupee held the overnight levels in relation to the dollar for buying and selling at Rs 157.30 and Rs 157.80 respectively, dealers said. The rupee, however, fell sharply against the euro for buying and selling at Rs 173.50 and Rs 175.50 respectively, they said.
Powell will address the Jackson Hole symposium of central bankers at 1400 GMT on Friday, and traders are waiting to see how closely he allies himself with the hawks within the Fed.
Currency markets have in recent months been driven by a shift at global central banks to looser monetary policy as economic demand slows and trade disputes intensify.
Expectations that the Fed will cut rates at its next meeting in September have been fully priced into interest rate futures, but the currency market is likely to react if Powell's comments do not match the dovish expectations. Money markets price in at least two rate cuts of 25 basis points this year.
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Open Bid Rs.157.30
Open Offer Rs.157.80
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