Economy

Rupee opens 28 paise lower against dollar

Rupee fell after the US Federal Reserve raised interest rates for the fourth time this year. The rate increase, to a range of 2.25 percent to 2.5 percent, was the Fed’s fourth this year.

The rupee opened lower in trade today after the US Federal Reserve raised interest rates for the fourth time this year and ninth time in three years. The rate increase, to a range of 2.25 percent to 2.5 percent, was the Fed’s fourth this year.

The rupee opened 28 paise lower at 70.68 to the dollar in trade today.

On Wednesday, the rupee pared early gains but managed to end 5 paise higher at 70.39 against the US dollar Wednesday on increased selling of the greenback by exporters amid benign crude oil prices and smart gains in domestic equities.

Meanwhile, the Sensex fell 166 points to 36,317, Nifty lost 56.95 points to 10,911. Vedanta (2.25%), Bharti Airtel (1.37%) and NTPC (1.20%) were the top Sensex losers.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 1209.21 crore on Wednesday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 481.46 crore, provisional data available with BSE showed.

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Via
businesstoday
Source
www.businesstoday.in
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