Business News: The Indian rupee decreased by 43 Paise to 79.60 against the US dollar in the opening trade as higher than expected U.S CPI print resulted in massive risk-off sentiments. At the interbank of the foreign exchange market, the rupee opened at 79.58 against the greenback and fell to 79.60, a decline of 43 Paise over its last close. The local unit also touched 79.54 against the US dollar.
Moreover, the rupee appreciated by 36 Paise to close at an over one-month high of 79.17 against the dollar. Meanwhile, the dollar index, the greenback’s strength against a basket of six currencies, fell from 0.03% to 109.77. The Global oil benchmark Brent crude futures fell by 0.10% to USD 92.91 per barrel. The U.S. August CPI came in a higher price than expected at 8.3% in a year and 0.6% in a month.
The higher-than-expected print has raised the more destructive monetary policy that binds the US Fed. Markets now expect the fund’s rate to be 4.25%, and also allocate a 20% chance of a 100 basis point hike next week, according to IFA Global Research Academy.
On the domestic equity market front, the 30-share BSE Sensex was trading on 559.31 points or 0.92% lower at 60,011.77, while the broader NSE Nifty was lower by 155.20 points or 0.86% to 17,914.85. The Foreign institutional investors were net buyers in the capital market as they purchased shares worth ₹1,956.98 crores.
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