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Rupee weakens to 44.70/71/USD after US Fed rate hike

Written by: Staff

Mumbai, Mar 29 (UNI) Rupee closed weaker at 44.70/71 per US dollar as compared to the last close of 44.64/65 on the back the US Federal Reserve raising interest rate by 0.25 basis points to 4.75 per cent.

It was 15th consecutive rate hike by the Federal Reserve, a foreign exchange (forex) dealer here said.

Earlier in the morning, rupee today opened weaker at 44.7250/7350 per US dollar as an immediate reaction to the US Fed rate hike as well as due to crude oil prices going above USD 65 per barrel in global markets, However, it bounced back to Rs 44.66/67 per US dollar in the mid-morning session before giving in again.

The foreign fund inflow in the equity markets which was slowing down last week picked up momentum with Rs 550.20 crore inflow reported on Monday but it was not enough to shield rupee against US dollar.

Information Technology and Pharma companies stock prices rose today on expectations of better export earnings as rupee weakend versus US dollar.

The Reserve Bank of India (RBI) reference rate for the rupee versus US dollar was 44.69, which was three paise lower.

The six-month forward premia ended higher at 1.94 per cent, as compared to Tuesday's close at 1.91 per cent.

The one-year forward premia also ended higher at 1.75 per cent, as compared to the last close at 1.68 per cent.

The cross-currency closing rate for the rupee against the euro was 53.65 (53.80) which was 15 paise lower, for pound sterling it was 77.55 (77.96), which was 41 paise lower and for the Japanese yen it was 37.90 (38.20), which was 30 paise lower.


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