Rupee faces moment of truth ahead of possible Fed lift-off
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Mumbai
INDIA'S rupee is feeling the heat as the Federal Reserve looks set to raise interest rates for the first time in a decade.
The currency, touted as Asia's most resilient to a US rate increase by Australia & New Zealand Banking Group Ltd, has extended declines in December after weakening 2.1 per cent last month in the region's worst performance. Rising odds of a Fed lift-off as early as Wednesday saw global funds cut holdings of Indian bonds and stocks by US$2.6 billion since Oct 31.
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