Business Standard

Rupee closes at new all-time low ahead of Fed's interest rate decision

On Monday, the rupee had breached the 78/$ mark and hit a record low of 78.28/$ intraday

Indian rupee
Premium

Photo: Bloomberg

BS Reporter Mumbai
The rupee hit a fresh all-time low on Wednesday, ahead of the US Federal Reserve’s announcement on interest rates, closing at 78.06/$, compared to the previous close of 78.00/$.

On Monday, the rupee had breached the 78/$ mark and hit a record low of 78.28/$ intraday.

“Rupee consolidated in a narrow range ahead of the important FOMC policy statement that will be released on Wednesday,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.

“Hawkish comments could continue to keep the dollar supported to lower levels. Major crosses remained under pressure following broad gains in the dollar,” he

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in