Rupee falls 30 paise against US dollar to 79.44 on hawkish Fed outlook

Rupee had opened at 79.60, but managed to claw back from its fall, helped by Indian shares recouping a large part of their losses

The Indian rupee declined versus the dollar on Wednesday after an unexpected increase in U.S. inflation spurred bets of super-sized rate hikes in coming months.
 

The rupee closed at 79.44 per U.S. dollar, down from 79.1475 in the previous session.
 

The local unit had opened at 79.60, but managed to claw back from its fall, helped by Indian shares recouping a large part of their losses.
 

India's gauge, the BSE Sensex, ended down 0.4% after falling almost 2% during the session.
 

Meanwhile, rupee forward premiums tumbled to more than 10-year low, tracking the overnight jump in near-maturity U.S.

Treasury yields.
 

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