Rupee tanks 90 paise to close at all-time low of 80.86 against U.S. dollar
The Hindu
U.S. Fed hiked interest rates by 75 basis points to 3-3.25%
The rupee plunged 90 paise to close at an all-time low of 80.86 (provisional) against the United States dollar on Thursday after the U.S. Federal Reserve's interest rate hike and its hawkish stance weighed on investor sentiments.
Forex traders said the U.S. Fed's rate hike and escalation of geopolitical risk in Ukraine sapped risk appetite.
Moreover, the strength of the American currency in the overseas market, a muted trend in domestic equities, risk-off mood and firm crude oil prices weighed on the rupee.
At the interbank foreign exchange market, the local currency opened at 80.27, then fell further to an all-time intra-day low of 80.95 against the American currency.
It finally ended at 80.86, down 90 paise over its previous close of 79.96.
The U.S. Fed hiked interest rates by 75 basis points to 3-3.25%. It was the third straight 75 basis points hike. Fed Chair Jerome Powell reiterated the central bank's commitment to taming inflation.
Focus will be on Bank of Japan (BoJ) and Bank of England (BoE) monetary policies next, forex traders said.
Alma Medical Private Limited, the Indian subsidiary of the Israeli manufacturer that’s among the global innovators in lasers for medical, light-based, radiofrequency, and ultrasound solutions in the aesthetic, surgical and beauty (spa) markets, is expanding further into Asia, where it already has a strong presence, especially in India, China, Korea and Japan, apart from Australia.