Rupee breaches 85-per-US dollar mark on hawkish Fed stance
stocks and bonds. The rupee hit a low of 85.085 per dollar, before closing at 85.07 per dollar, as against its previous close of 84.952/$1, LSEG data showed
The rupee has depreciated to record lows for the fourth consecutive day, even as the Reserve Bank of India intervened in the onshore and offshore markets to prevent excess volatility, traders said. The rupee hit 85.15/$1 in the offshore non-deliverable forwards market, and will act as an immediate support, traders said.
Separately, yields on the 10 year benchmark government bond rose five basis points to 6.79%, its highest level since November 28, against its previous close of 6.75%, CCIL data showed.
The dollar index rose to a two year high of 108, while US 10 year treasury-bill yields rose to a peak of 4.54%, highest since May, after hawkish remarks by the US Fed policymakers. Foreign portfolio investors sold Rs 4,224.9 crore on Thursday, according to BSE data.
Fed Chair Jerome Powell said that the December policy rate action was a close call, hence setting the groundwork for slowing the pace of rate cuts next year. The tone of the policy was hawkish, suggesting only two rate cuts in 2025, versus four rate cuts projected in the September policy.
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