Rupee Plunges To 69.17 After Fed Cuts Interest Rate
Rupee opens on a weaker note and dragged to 69.17 at the opening after closing at 68.79 per US dollar in yesterday’s trade.
The US Federal Reserve has cut rates by a quarter points and that amounts to a “mid-term policy adjustment.” And amid it, dollar climbed to a 2-month high and crude oil tumbled.
Also, in the domestic markets, bond yields have been falling as FPIs have been shifting from equities to debt.
Meanwhile, tracking Asian markets, Indian benchmark indices are set to open lower which saw the worst July in 17 years on abated FPI selling.