Home » Rupee falls to record low vs US dollar on hawkish Fed, drops past 80.50 vs USD

Rupee falls to record low vs US dollar on hawkish Fed, drops past 80.50 vs USD

by WorldFinance
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The Indian rupee fell to a record low today vs US after the US Federal Reserve hinted at more aggressive rate hikes to tame inflation. The rupee opened at a record low of 80.2850 per U.S. dollar and depreciated further to 80.58 per USD, as compared to 79.9750 in the previous session. Overnight, the after the Federal Reserve unveiled a third straight jumbo interest rate hike, said more were in the pipeline, and warned the battle against inflation was straining the US economy.

The dollar index was up nearly 1% to a new two-decade high of 111.60. The Fed’s new projections showed rates peaking at 4.6% next year, with no cuts until 2024.

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