The trend of falling rupee on Wednesday continues with the opening of the market today. On Thursday, the Indian rupee reached the level of 80.47 against the dollar (Rupee vs Dollar). At the same time, it closed at 79.97 on 21 September 2022. In such a situation, a fall of 0.51 paise was recorded in the rupee as soon as the market opened. On the other hand, talking about the Dollar Index, it has crossed its two-decade high of 111. Significantly, on September 21, the US Federal Reserve increased interest rates by 0.75 percent. The dollar index has reached a 20-year high of 111.72.
The Dollar Index has reached 111.72 today. The biggest reason for this is that it was expected in the market that the US Federal Reserve would increase interest rates by 100 basis points, but the bank announced that it was increasing only 75 basis points. In such a situation, there was a lot of positivity about it in the market.
The US Federal Reserve is continuously increasing its interest rates to control the rising inflation in the country. Giving information on this matter, Federal Reserve Chairman Jerome Powell said that the Federal Reserve is taking all necessary steps to control the rising inflation in the country and will continue to take such steps in future also. Experts believe that the US Federal Reserve can increase its interest rates to 4.40% by the end of the year and 4.60% by the next year.
These rates may remain till the year 2024. In the coming days, its effect will also be seen on the rupee and a further decline can be recorded in the rupee against the dollar. Today all the currencies of the Asian market have registered a fall. The Chinese yuan has reached 7.10 per dollar.