Re falls to 45.0650/USD as US Fed hikes to 5 pc

Mumbai, May 11: The rupee opened weaker by five paise at 44.98/00 per US dollar as compared to the last close of 44.93/94, said a dealer in the forex market.

The rupee weakened owing to a stronger US dollar marked by the US Federal rate hike by 25 basis points to five per cent yesterday. It marked the 16th straight hike in the US Fed rate, the dealer added.

The rupee weakened further in the mid-morning trading session and traded at 45.0650/0750 per USD, the dealer added.

The stock market benchmark index BSE Sensex was down by 100 points at 12,510 in the mid-morning session, which also put pressure on the rupee. Crude oil prices rose again and touched USD 72.45 per barrel which also had a negative impact on the rupee.

UNI