After Fed rate hike, Rupee loses 8 paise to 82.88/ $

3 Nov 2022 , 11:06 AM

Following the US Federal Reserve’s decision to raise interest rates while maintaining a hawkish posture, the rupee lost 8 paise to 82.88 against the US dollar in morning trade on Thursday. The local unit began trading at 82.87 versus the dollar on the interbank foreign exchange but lost ground to quote at 82.88, losing 8 paise from its previous finish. The local currency’s initial exchange rate against the US dollar was 82.84.

The rupee reached a settlement rate of 82.80 versus the dollar on Wednesday. The dollar index, which measures how strong the dollar is relative to a basket of six different currencies, increased 0.53 % to 111.94. The benchmark for world oil, Brent crude futures, dropped 0.38 % to USD 95.79 a barrel. The 30-share BSE Sensex was trading 238.3 points or 0.39 down at 60,667.79 on the domestic equities market, and the larger NSE Nifty was down 57.55 points or 0.32 % at 18,025.30.

According to exchange data, Foreign Institutional Investors (FIIs) were net purchasers in the capital markets on Wednesday, buying shares worth Rs1,436.30 crore.

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