Rupee opens lower by 24 paise at 60.27 ahead of FOMC meet

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Rupee opens lower by 24 paise at 60.27 ahead of FOMC meet
The rupee opened the day sharply lower by 24 paise at 60.27 to the dollar, as against its previous close of 60.03.

On Tuesday the rupee recovered from 7-week low boosted by comments from RBI Governor Raghuram Rajan that India is better prepared to deal with any fallout from the ongoing Iraq crisis.

Today's drop was ahead of the conclusion of a policy meet by the US Federal Open Market Committee, (FOMC) which assumes importance if there are any hints of interest rate hikes.

If the FOMC meet hints at a hike it could lead to further weakness in the Indian currency, which has so far shown remarkable resilience to any external developments.

In fact, the rupee has recovered sharply after hitting a lifetime low of 68.86 in August last year. Check currency rates here

Read more about: dollar, fomc
Story first published: Wednesday, June 18, 2014, 9:09 [IST]
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