Rupee slips 21 paise to 94.71 after Federal Reserve hint
Business
The Indian rupee opened at 94.66 against the US dollar on Thursday morning, later slipping to 94.71, down 21 paise from 94.50.
This slide happened because the US dollar got stronger, thanks to the Federal Reserve keeping rates steady but hinting at a possible hike later this year.
The dollar index hit a four-month high, making life tougher for Asian currencies like ours.
Indian markets slipped, FIIs bought ₹101.59cr
Global jitters also nudged Brent crude prices lower and pushed Indian stock markets down at the opening; the Sensex fell by 111.23 points, and Nifty slipped by 26.85 points.
Still, foreign institutional investors kept buying into Indian equities, picking up shares worth ₹101.59 crore on Wednesday despite all the turbulence.