NEW DELHI (dpa-AFX) - The Indian rupee lost ground against the U.S. dollar in late morning deals on Thursday, as the latter firmed after strong U.S. inflation data revived expectations for a faster tightening of monetary policy.
Indian markets fell, tracking weak global cues, as U.S. inflation data raised hopes that the Fed would increase interest rates soon after it terminates bond purchases.
The benchmark S&P BSE Sensex dropped 424 points, or 0.70 percent, to 59,929, while the broader NSE Nifty index was down 136 points, or 0.76 percent, at 17,881.
The rupee fell to a 6-day low of 74.56 against the greenback, from yesterday's close of 74.39. The next possible support for the rupee is seen around the 76.00 level.
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