Pro IQRA News Updates.
The rupee fell 22 paise to 79.96 per dollar on Wednesday.
The US Federal Reserve raised interest rates by 75 basis points to 3-3.25 percent. This was the third consecutive increase of 75 basis points. Fed Chairman Jerome Powell at his press conference confirmed the Fed’s desire to curb inflation.
“Given the broad-based strength of the dollar, the Reserve Bank of India may also reconsider its intervention function. On Thursday, we are likely to see a range of 80.10-80.50,” IFA Global Research Academy said.
“We have to beat inflation. I wish there was a painless way to do that,” said Fed Chairman Jerome Powell. “There is none.”
He added: “We want to act aggressively now, get this job done and continue to do it until it’s done.”
The focus will be on the monetary policies of the Bank of Japan (BoJ) and the Bank of England (BoE), it said, adding that the BoE is expected to raise rates by 50 basis points.