Millennium Post

Rscrashes by 23p to 2-week low

The rupee on Thursday took a hefty knock by plunging 23 paise to a two-week low of 64.53 a dollar after the US Federal Reserve delivered the widely expected rate hike and maintained a hawkish tone going forward. This is the lowest closing for the rupee since May 30, when it had finished at 64.66. Forex market sentiment turned shaky as currency traders remained cautious, largely impacted by the interest rate hike by the US Fed and its hawkish view to trim balance sheet with one more rate hike during the year.
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