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The Indian rupee is likely to fall further after hitting a record low to the dollar on Thursday as the U.S. 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, down from 79.9750 in the previous session.
The Fed raised rates by 75 basis points, in line with expectations. More importantly, it hinted that more hikes were coming and that rates would stay elevated until 2024. Asian currencies opened weaker, with the Chinese yuan slipping below 7.10 to the dollar.
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