Rupee slips 39 paise against US Dollar

Domestic traders anticipate a further increase in rates by a noticeable quantum than was expected earlier, while some also feel that rates may be increased up to 50 basis points as the Fed Reserve is keen to cope with the rising inflation in the US economy.

January 27, 2022 12:37 IST | India Infoline News Service
Indian Currency
The Indian Rupee opened weaker on Thursday amid strengthening in the dollar overseas. Besides, sustained foreign fund outflows from the Indian stock markets on weakening global risk appetite after Fed signalled a rate hike could be coming soon could add further pressure on the local currency. Also, crude oil staying at higher levels has put pressure on the currency.

On the international front, US Federal Open Market Committee’s two-day meet ended on Wednesday, after which the Fed’s Chair Jerome Powell stated that the central bank also envisages wrapping up its asset purchases by March 2022.

The local unit opened lower at 75.1180/$ as against its previous closing of 74.7750/$. Currently, the rupee is trading lower by 39 paise at 75.17 against US Dollar.

Also, US Treasury bond yields spiked by 8 basis points at 1.85% and the US Dollar index strengthened crossing the significant 96 mark.

Domestic equity index BSE’s Sensex was trading at 56,584.40 points, down by 1,273.75 points while NSE’s Nifty was last seen at 16,910.60 shedding 367 points so far in the day.

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