Rupee falls 26 paise to close at 80 against dollar
The Hindu
On Tuesday, the rupee had closed 7 paise higher at 79.74.
The rupee declined by 26 paise to close at 80.00 (provisional) against the U.S. dollar on Wednesday, tracking the strength of the American currency in the overseas market and a muted trend in domestic equities.
Forex traders said investors are awaiting the U.S. Fed's policy decision on interest rates for further cues. Moreover, risk-off mood and firm crude oil prices weighed on the local unit.
At the interbank foreign exchange market, the domestic currency opened at 79.81 per dollar. It hovered in a range of 79.79 to 80.00 during the session.
The rupee finally settled at 80.00, down 26 paise over its previous close.
On Tuesday, the rupee had closed 7 paise higher at 79.74.
"The dollar appreciated against major currencies ahead of an expected interest rate hike by the Federal Reserve and as Russia's escalation of war enervated investors' appetite for risk," said Dilip Parmar, Research Analyst, HDFC Securities.
With a third 75-basis-point rate hike by the Federal Open Market Committee widely expected, some investors have moved to price in an even larger increase, Mr. Parmar said.
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