Dollar Stalls After Fed Decision

Dollar Stalls After Fed Decision”

Mumbai: The rupee on Thursday weakened over 10-week low against the US dollar, tracking losses in the Asian currencies markets after the US Federal Reserve left rates unchanged.

The dollar index, which measures the U.S. currency's strength against major currencies, was trading at 92.579, up 0.08 percent from its previous close of 92.51, the business daily reported. The index had been down as much as 0.4% before the Fed announcement.

The Fed held rates unchanged but penciled in one more rate increase this year despite a recent slowdown inflation that had anxious many investors.

The Fed has already raised rates twice this year. The rupee has given a year-to-date return of 4.82% which is higher than most of its emerging markets peers.

The Fed also made a decision to begin shrinking its USD4.5 trillion balance sheet starting October, but said the process would be gradual and predictable, initially allowing USD10 billion in bonds to roll off each month.

On Wednesday, the rupee had logged its first gain in three sessions by rising 6 paise to 64.27 against the USA currency owing to fresh dollar unwinding by exporters.

On the rupee front, the home currency opened at 64.50 a dollar and touched a low of 64.53 - a level last seen on July 12, Mint reported.

"The rate at which the dollar had fallen over the last quarter has been quite big", said Ron Waliczek, a managing director in foreign exchange and interest rates at INTL FCStone Markets.

Expectations that US rates would remain lower helped drive the greenback down 8% this year before Wednesday.

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