Rupee at new record low against dollar, effect of Fed’s tough stance

The Federal Reserve has increased interest rates by 75 basis points, or 0.75 percent, on Wednesday and has brought rates between 3 and 3.25 percent. Along with this, the Federal Reserve has indicated that it may increase rates sharply in the coming times as well.

Rupee at new record low against dollar

There has been a record fall in the rupee against the dollar today. Rupee has reached a new low of 80.627 in today’s trade. Rupees This weakness has been seen due to the strict steps of the Federal Reserve. Last night itself, the Federal Reserve has made a sharp increase of 75 basis points in key rates, with which the Fed has also indicated to maintain tough measures going forward. Due to which there has been a sharp rise in the dollar today and the dollar index also reached above the level of 111. Which is the highest level of 20 years of the index.

Federal Reserve’s tough stance

The Federal Reserve has increased interest rates by 75 basis points, or 0.75 percent, on Wednesday and has brought rates between 3 and 3.25 percent. Along with this, the Federal Reserve has indicated that it may increase rates sharply in the coming times as well. It is estimated that by the end of the year, rates may increase to 4.4 percent. At the same time, in the year 2023, the rates can touch up to 4.6 percent. At the same time, the Federal Reserve has indicated that it is not expected to cut rates until the year 2024. With this estimate, there have been fears of recession in the economies.

where did the rupee reach

In today’s trade, the rupee opened at the level of 80.285, which was the record low level of the rupee. During trading, the rupee fell to the level of 80.63, which is the lowest level of the rupee. The previous low of the rupee was at 80.12. The rupee had reached this level in August.