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Forex News: Indian Rupee Falls To Record Low Against U.S.

Indian Rupee Falls To Record Low Against U.S. Dollar

09/22/2022 - 02:19:00 (RTTNews)

(RTTNews) - The Indian rupee weakened against the U.S. dollar in morning deals on Thursday, as a third straight 75 basis point rate hike from the U.S. Federal Reserve lifted the latter.

The Fed increased interest rates by another 75 basis points and signalled more hikes in the coming months.

Fed Chair Jerome Powell reiterated the central bank's strong resolve to bring inflation down to 2 percent, pledging to "keep at it until the job is done."

Indian shares fell, tracking weakness in Asian markets following the Fed decision.

The dollar index touched a 20-year high of 117.78 and treasury yields jumped in reaction to the rate hike move.

The Indian rupee declined to 80.69 against the greenback, hitting a record low. At Wednesday's close, the pair was worth 79.92.

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