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Rupee sees high volatility against USD post Fed policy decision

Thu June 20 2019


The rupee witnessed high volatility against the US dollar in opening trade on Thursday, after the US central bank left key interest rates unchanged. The US Federal Open Market Committee kept the key rate in the 2.25-2.5 per cent range.


The rupee opened strong at 69.47 at the interbank forex market, but lost ground and touched 69.67 per dollar, displaying gains of just 1 paise against the greenback.


On Wednesday, the rupee had settled at 69.68 against the US dollar.


Forex dealers said foreign fund outflows, weak opening of domestic equities and rising crude oil prices weighed on the local unit.


Foreign funds pulled out Rs 97.05 crore from the capital markets on a net basis on Wednesday, provisional data showed.


The benchmark BSE Sensex was trading 34.59 points, or 0.09 per cent, lower at 39,078.15 at 0930 hours. Similarly, the broader NSE Nifty was quoting 23.45 points, or 0.20 per cent, down at 11,668.


Meanwhile, brent crude, the global benchmark, was trading at 62.61 per barrel higher by 1.28 per cent.


Source: Hindu business line.

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