Hours after the US Fed raised interest rates for the fourth time this year, the rupee on Thursday surpassed the 83-mark versus the US dollar.
Before completing the day at 83.02, it reached 83.08.
The opening rate of the rupee versus the dollar was 83.
To combat increasing inflation, the US Federal Reserve increased key rates by 75 basis points on Wednesday, the fourth increase this year.
According to sources, US Fed Chairman Jerome Powell stated that the bank is firmly dedicated to reducing inflation.
The Federal Reserve’s aggressive rate hike will further squeeze stock markets around the world, especially in emerging nations like India. The already-weak rupee is also probably going to be affected.
Although the rupee has frequently surpassed the 83 level versus the US dollar this week in anticipation of the US Fed raising interest rates, the Indian currency may potentially decline even more, as was shown on Thursday.