नवीनतम
Rupee plunges 48 paise to close at 88.70 against USD
MUMBAI [Maha Media]: The rupee depreciated 48 paise to close at 88.70 (provisional) against the American currency on Thursday on a strong US dollar, weak domestic markets, and a hawkish US Fed.
Forex traders said the US Federal Reserve slashed interest rates by 25 bps in its Federal Open Market Committee (FOMC) meeting. However, Fed Chair Jerome Powell's commentary was hawkish, trimming rate-cut expectations for December.
Moreover, month-end dollar demand from Oil Marketing Companies (OMCs) and foreign fund outflows may also weigh on the rupee.
