Thursday, 15 December 2016

Rupee opens 33 paise lower at 67.76/USD after Fed's hawkish tone

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The Indian rupee has opened at 67.76 against the US dollar, down 33 paise from previous close after the Federal Reserve hiked interest rate and its commentary was more hawkish than expected. Mohan Shenoi of Kotak Mahindra Bank says as expected, US Federal Reserve hiked Fed Funds rate by 25 bps overnight. However the tone was more hawkish than what was priced in by the market resulting in further dollar strength across the board, he adds. He sees the trading range between 67.70 and 68 against the US dollar for the day.

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