Rupee, rupee dollar

Rupee Gains A Touch To Below 78 Per Dollar Clear Downside Risks Remain

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Rupee, rupee dollar

The rupee gained a touch early on Wednesday to below 78 per dollar, but the risks remain to the downside driven expected gains in the greenback on large Federal Reserve rate hike bets.

While the dollar held near its overnight 20-year peak on Wednesday ahead of the outcome of the Fed policy meeting at which markets are pricing in a bigger-than-previous predicted 75 basis point interest rate hike, financial markets remain subdued.

The Indian currency gained 5 paise to 77.99 against the US dollar in early trade, but risks from lacklustre domestic markets, elevated crude oil prices and persistent foreign capital outflows are likely to weighed on the rupee.

On Tuesday, the rupee surrendered early gains to end flat near its lifetime low closing of 78.04 per dollar.

Source:- NDTV

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