Rupee opens 7 paise higher at 81.93 against the US dollar
US Federal Reserve raised interest rates, which analysts believe to be the last rate hike by the central bank. The local unit opened at 81.93 as compared to the previous close of 82.00. The US Fed hiked interest rates by 25 bps to a target range of 5.25-5.5%, on the expected lines, bringing US benchmark funds rate to the highest level since 2001 to tackle sticky, high inflation.
The Fed chair Jerome Powell also hinted at a possibility of further increases, going ahead. But analysts, however, do not reckon that there will be more rate hikes. Read here: US Fed raises rates by 25 bps to highest level since 2001 On Wednesday, the rupee ended 13 paise lower at 82 a dollar.
Crude oil prices traded higher. Brent crude futures rose 1.04% to $83.78 a barrel, while US West Texas Intermediate (WTI) crude gained 1.18% to $79.71. On the domestic front, the Indian benchmark equity indices, Sensex and Nifty, were trading higher in the pre-opening session.
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