The rupee opened at an all-time low of 80.28 against the dollar

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- After opening, the rupee weakened further to 80.37 against the dollar

Ahmedabad. 22 September 2022, Thursday

In the global market, the rupee opened at a low of 80.28 against the dollar today as the US dollar index hit a two-decade high of 112 as the Federal Reserve hiked interest rates.

India's current account deficit is increasing, the country's foreign exchange reserves are falling, and the effect is also being seen on the rupee.

Yesterday, the Federal Reserve announced a 0.75 percent increase in the fed funds rate in the United States today. With this, the interest rate has now increased from 3 to 3.25 percent. Along with this, the economic growth rate in America has been reduced to only 0.25 percent. Interest rates this high were last seen in 2008.

After opening, the rupee weakened further to trade at 80.37 against the dollar, down 40 paise from the previous close.

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