Rupee vs Dollar: Rupee breaks down 51 paise against the US dollar, the lowest level ever at 80.47

Rupee vs Dollar: Rupee breaks down 51 paise against the US dollar, the lowest level ever at 80.47

Markets around the world are in turmoil following the increase in interest rates by the US Federal Reserve. Markets are stunned by the Fed's aggressive stance. After the tough decision of the Federal Reserve, the Indian rupee on Thursday touched a new record low against the US dollar. In early trade on Thursday, the rupee fell by 51 paise to the all-time low of Rs 80.47.

The rupee was trading at 80.47 against the dollar at the interbank foreign exchange market, down 51 paise from its previous close. The rupee opened at 80.27 in opening deals and touched a record low of $80.47 per dollar. Forex traders said that the strength of the US currency in the overseas market, a soft trend in the domestic stock market, a risky mood, and a firming in crude oil prices were visible on the rupee.

US Fed raises interest rates
The US Fed raised interest rates by 75 basis points to 3-3.25%. This is the third time in a row the Fed has raised 75 basis points. Fed Chairman Jerome Powell reiterated the Fed's commitment to containing inflation in his press conference. The Reserve Bank of India may also consider revising the rates in view of the broader strength of the dollar. Today the rupee is expected to remain in the range of 80.10 to 80.50.

Dollar index rises
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.88 percent to 111.61. Global oil benchmark Brent crude futures rose 0.49 percent to $90.27 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 166.77 points or 0.28 percent lower at 59,290.01, while the NSE Nifty was down 41.15 points or 0.23 percent at 17,677.20. Foreign institutional investors remained net sellers in the capital market on Wednesday. According to the data of the exchange, shares worth Rs 461.04 crore were dropped.

(with language input)