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Daily Currency Snapshot

*Rupee future maturing on September 28 depreciated on Wednesday amid a drop in domestic equities. However, a drop in crude oil prices prevented further downside in the rupee * The US dollar surged to a fresh two-decade high on Wednesday after the Federal Reserve raised interest rates by another 75 basis points, as expected, and signalled larger increases at its upcoming meetings

* The Euro depreciated almost 1.20% to 20 year’s low on Wednesday amid strong US dollar. Further, sharp drop in Germany 10 years bond yields pressurised the Euro

* The pound dropped yesterday to levels last seen in March 1985 amid a sharp rise in the US dollar. Further, the sterling was pressurised after data showed Britain's budget deficit was bigger than expected in August. However, further downside was restricted as the British government said it would cap wholesale electricity and gas costs for businesses at less than half the market rate from next month

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