Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    An Exploration of Online Games for Adult Gamers 

    November 22, 2023

    Discovering the Elephant Sanctuaries in Bali and the Best Seasons to Visit

    November 8, 2023

    The Ultimate Guide to Buying Cheap Proxies: Everything You Need to Know

    October 19, 2023
    Facebook X (Twitter) Instagram
    Cafe Madrid
    • Business
    • Technology
    • Startups
    • Services
    • Travel
    • Health
    • Guides
    • How to
    • Contact Us
    Cafe Madrid
    Home»Business»Rupee ends 23 paise below Fed policy announcement
    Business

    Rupee ends 23 paise below Fed policy announcement

    Shreya ChristinaBy Shreya ChristinaSeptember 23, 2022Updated:September 23, 2022No Comments2 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The Indian rupee ended 23 paise lower at 79.98 as most traders were previously in risk-averse mode fed policy announcement, dealers said.



    In the interbank foreign exchange market, the rupee ended at 79.98 versus 79.75 on the previous trading session against the US dollar.

    “The rupee closed at a record low following broad strength in the dollar and a risk-averse mood. The dollar appreciated against major currencies ahead of an expected rate hike by the Federal Reserve and because Russia’s escalation of war diminished investors’ risk appetite,” said Dilip ParmarResearch Analyst on HDFC Securities.

    Parmar added that with a third rate hike of 75 basis points widely expected by the Federal Open Market Committee, some investors have moved on to an even bigger price hike.

    “The focus will be on the Fed’s forecast of growth, inflation and end rates. The bias remains upward. USDINR could play in a range of 79.50 to 80.30 in the near term,” said Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities. Ltd.

    Market participants were nervous after the Russian president Vladimir Putin announced a “partial mobilization” of troops in Ukraine.

    The dollar index, which measures the dollar’s strength against the basket of six major currencies, stood at 110,347.

    The price of Brent crude was $93.12 a barrel at the close of Indian market hours.

    Meanwhile, benchmark indices ended lower on Wednesday as most investors remained cautious ahead of the US Federal Reserve’s announcement of policy, dealers said.

    Sensex finished 262.96 points or 0.44 percent lower at 59,456.78, while useful closed 97.90 points or 0.55 percent at 17,718.35.

    ALSO SEE :

    An impending US Fed rate hike is dragging markets down as investors remain cautious

    ADVICE: Time to scale up nature-based solutions to forge a low-carbon and climate-resilient future for India

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Shreya Christina
    • Website

    Shreya has been with cafe-madrid.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider cafe-madrid.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

    Related Posts

    The Future of Corporate Training: How Mixed Reality Technologies are Transforming Employee Onboarding

    August 22, 2023

    How to celebrate work with pride and eradicate discrimination

    June 21, 2023

    Salesforce Unveils Disruptive AI-Assisted Solutions That Can Create Personalized Content With One Click

    June 21, 2023
    Editors Picks
    8.5

    Apple Planning Big Mac Redesign and Half-Sized Old Mac

    January 5, 2021

    Autonomous Driving Startup Attracts Chinese Investor

    January 5, 2021

    Onboard Cameras Allow Disabled Quadcopters to Fly

    January 5, 2021
    Top Reviews
    Mobiles

    Review: T-Mobile Winning 5G Race Around the World

    9.1 By Shreya Christina
    Mobiles

    Samsung Galaxy S21 Ultra Review: the New King of Android Phones

    8.9 By Shreya Christina
    Mobiles

    Xiaomi Mi 10: New Variant with Snapdragon 870 Review

    8.9 By Shreya Christina
    Advertisement
    Demo
    About Us

    We are the Simple News website that provide awareness & support to readers. If you find any news or article that belong's to you then contact us anytime, we will remove that things or give you best credit that help for your brand.

    We Accept promotional Articles

    Email : [email protected]

    Our Picks
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Tech
    • Gadgets
    • Mobiles
    • Buy Now
    © 2023 cafe-madrid.com

    Type above and press Enter to search. Press Esc to cancel.