Rupee hits 10-week low against U.S. dollar in opening trade

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Rupee hits 10-week low against U.S. dollar in opening trade

The local currency had plummeted by a whopping 54 paise to end at 64.81 to a dollar on Thursday.

The Fed has already raised rates twice this year.

The dollar pared gains after initially climbing on the Fed's announcement.

Nifty has in last six-seven sessions managed to trade in the area of 10,131-10,115.

On Wednesday, the rupee had logged its first gain in three sessions by rising 6 paise to 64.27 against the United States currency owing to fresh dollar unwinding by exporters.

Mumbai: The BSE Sensex came under relentless selling pressure in early trade Friday, plunging almost 300 points on heavy selling in banking, financial, capital goods and FMCG stocks amid sustained foreign fund outflows and weak global cues.

He further added, "The 10-year benchmark bond yield is also likely to consolidate today within the 6.65-6.70 percent range".

Market experts understand that some domestic macro factors and a stronger U.S. dollar are dragging the Indian currency to lower levels.

Even though the Federal Reserve didn't change interest rates, the policy statement showed the it was balancing low USA unemployment and a recent drop in United States inflation. "The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labour market conditions and a sustained return to 2 percent inflation", the policy statement noted.

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