Against the US dollar, the rupee ended at 80.86 on Thursday against 79.98 on Wednesday.
“The rupee fell after the aggressive comments from the…
Trivedi, the US dollar index, rose above its 20-year high to reach more than $111.50 in afternoon trading, reflecting the effect of the rupee falling more than 1 percent from 79.95 to 80.77.
“We believe that the current downward trend in the rupee could continue for a while, even after strong domestic fundamentals. The local currency will react to a stronger greenback, but there may be an outperformance between the regional currencies. Spot USDINR now has resistance in area of 81.25 against 81.40 while the previous top 80.12 would act as support,” said
The Japanese yen also fell, falling below 0.6860.
The US Fed raised interest rates by 75 basis points to 3-3.25 percent. It was the third consecutive 75 basis point increase, as Fed chairman
The dollar index, which measures the dollar’s strength against a basket of six currencies, rose 0.41 percent to 110,793.
In addition to the Fed’s aggressive stance, the US dollar expanded its gains against its major crosses after the Russian president
The price of Brent crude was $90.52 a barrel.
Meanwhile, Indian stocks fell Thursday after the US Fed became more aggressive than expected, dealers said.
Sensex closed 337.06 points or 0.57 percent lower at 59,119.72, while
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