Indian shares followed global peers lower on Monday and the rupee hit a record low against the dollar, as Fed Chair Jerome Powell’s hawkish remarks in Jackson Hole, Wyoming on Friday weighed on investors’ appetite for riskier assets.
Powell declared that the “economy does not work for anyone” without price stability and the central bank would use its tools “forcefully” that could mean slower growth, a weaker job market and “some pain” for households and businesses.
