Published on 5/05/2017 2:54:47 PM | Source: Dion Global Solutions Ltd

Rupee continues losing spree against greenback as Fed turns hawkish

Posted in Top Stories| #Rupee #Currency News #FED

The Indian Rupee extended losing streak against the greenback on Friday amid sustained fund outflows by foreign funds and importers due to strong demand for the American currency. The US dollar was boosted by the Federal Reserve’s hawkish policy statement as the US central bank kept interest rate unchanged, but hinted that it was still on track for rate hike in June later this year.

Further, weakness in the domestic equity market also dented home currency movement. At the Interbank Foreign Exchange Market, the local currency was trading 12 paise lower at 64.49 per dollar against the previous close of 64.37 at 12:00 hour.

During the day’s trade so far, the rupee touched an intra-day low of 64.51 after opening at Rs 64.42. Meanwhile, the Bombay Stock Exchange bellwether Sensex was trading at 29933.63, down by 192.58 points or by 0.64 per cent, and the NSE Nifty was at 9298.05, down by 61.85 points or by 0.66 per cent.