Re tanks 40 paise to 67.83 |
The rupee surged by another 27 paise to end at over three-week high of 67.63 even as the RBI unexpectedly kept policy rates steady.The US Federal Reserve’s decision to hike interest rates y pulled the rupee sharply down 40 paise against the US dollar to end at 67.83 as the US currency gained strength and fears of more capital outflows increased after the rate hike announcement. The Sensex also fell by 84 points amid fears over capital outflows.The dollar strengthened across the board after the Fed upgraded its rate hike outlook amid expectations of economic projection surprises which may fuel further steep tightening path. The higher demand for the dollar from importers against the backdrop of sustained capital outflows predominantly kept rupee under immense pressure. The rupee opened sharply lower at 67.76 from Wednesday’s closing value of 67.43 and hit a low of 67.87 before ending at 67.83 on Friday, showing a steep loss of 40 paise, or 0.59 per cent.
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