Rupee Falls Past 96 Per Dollar After Fed Rate Hike, Rising Oil Prices Add Pressure
The rupee breached the 96-per-dollar level for the first time since July on September 17 after the US Federal Reserve raised interest rates and signalled the possibility of additional monetary tightening. The domestic currency was trading at 96.03 against the dollar after closing the previous session at 95.95. The decline followed the Fed’s decision to increase its benchmark interest rate by 25…
The rupee has fallen to 96.03 against the US dollar, its lowest point since July, following the Federal Reserve's decision to raise interest rates and hint at more tightening measures. This move has strengthened the dollar and put pressure on emerging market currencies, including the Indian rupee. FM Nirmala Sitharaman has urged the Reserve Bank of India to advance the digital currency and enhance its capabilities.
Analysts predict that the rupee could move as high as Rs 96.30 to Rs 96.50 in the near term, with further hikes in interest rates by the Fed and the Reserve Bank of India contributing to the downward pressure.
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