Finance

In Early Trade Indian Rupee Falls 6 Paisa to 74.44 against US Dollar

On Thursday at the opening day, the Indian rupee declined by 6 paise to 74.44 US dollars and tracked the American currency strength in the international market after hawkish US Fed minutes. 

The Forex trader said that an investor saw minutes from the Federal Reserve meeting sign that the US central bank can increase the interest rate to decrease the inflation rate, and outflows from the domestic markets will occur. 

As per minutes from the Fed December 14 – 15 policy meeting, the policymakers believe the US job market is strong enough, so low interest is not required for an extended period. 

At the opening market in interbank foreign exchange, the rupee value is 74.44 against the US dollar and register reduction of 6 paise from the last close. The domestic unit also saw an increment of 74.34 in initial deals. 

Last on Wednesday, in against of US currency; the Indian rupee is stream 20 paise to close at 74.38. Moreover, the dollar index measures the greenback’s strength against a pool of six currencies, increasing by 0.02% to 96.19. 

On Thursday, the Indian rupee is

opened flat to marginally weak, showing the dollar’s strength and showing vulnerable Asian and other markets. Due to the Omicron variant spreading, it’s also impacted economic recovery and firm crude oil prices that weighed on the local unit. 

The global oil standard Brent crude future reduces by 1.35% to USD 79.71 per barrel. But in the domestic market at equity front, the 30 share Sensex is trading 717.2 points or 1.19% lower at 59,505.95. 

Also Read: The report says bank’s bad loan is increasing once again

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