Rupee Drops Sharply To 65.19 As US Fed Signals A Rate Hike In Dec

Published: Thursday, October 29, 2015, 10:01 [IST]

The rupee dropped sharply against the US dollar in trade after the US Federal Reserve hinted at an interest rate hike in the US in December.

The rupee was last trading at 65.19, as against 64.19 against the dollar on Wednesday. Check currency converter

Rupee Drops Sharply To 65.19 As US Fed Signals A Rate Hike In Dec

The US Federal Reserve concluded a 2-day policy meet on Wednesday and a clear signal was that December may well be the month in which the US Fed would increase interest rates.

There are worries that a hike in US interest rates would trigger fund outflows from India, thus weakening the rupee further. The 10-year benchmark bond yield also rose to 7.61 percent.

Indian stock markets also weakened with the Sensex headed for its fourth straight session of losses. The Sensex was trading 95 points lower at 26,944 points.

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Story first published: Thursday, October 29, 2015, 10:01 [IST]

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