Rupee falls 6 paise to 74.44 against U.S. dollar in early trade
The Hindu
On Wednesday, the rupee surged 20 paise to close at 74.38 against the U.S. currency.
The rupee declined by 6 paise to 74.44 against the U.S. dollar in opening trade on Thursday, tracking the strength of the American currency in the overseas market after hawkish U.S. Fed minutes.
Investors saw minutes from the Federal Reserve meeting as a sign that the U.S. central bank might hike interest rates faster to cool inflation and this could lead to outflows from the domestic markets, Forex traders said.
According to minutes from the Fed's December 14-15 policy meeting, policymakers believe the U.S. job market is nearly healthy enough and ultra-low interest rates are no longer needed.
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