Economy

Rupee hits 4-month low against United States dollars, drops 31 paise

Rupee hits 4-month low against United States dollars, drops 31 paise”

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 Fed has already raised rates twice this year. The Fed, as expected, also said it would begin in October to reduce its approximately $4.2 trillion in holdings of US Treasury bonds and mortgage-backed securities acquired in the years after the 2008 financial crisis, Reuters reported.

The US Dow Jones Industrial Average ended 0.24 per cent lower 21 September.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,339.50 points, traded at 32,075.72 points - down 294.32 points, or 0.91 per cent, from its previous close at 32,370.04 points. Forex dealers said the rupee remained range-bound amid soft dollar demand from importers.The rupee recorded a low of 105.40 and a high of 105.45 during the trading session. The rupee has gained 6 percent so far this year.

Key Indian equity indices - the BSE Sensex and the NSE Nifty50 - descended by nearly one per cent each during the mid-afternoon trade session on Friday as weak Asian markets, on the back of geo-political risks and depreciation of the rupee subdued investors' sentiments.

The SDR-rupee figure will be based on this rate, the statement added. "The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labour market conditions and a sustained return to 2 percent inflation", the policy statement noted.

"In view of realised and expected labour market conditions and inflation, the Committee chose to maintain the target range for the federal funds rate at 1-1.25 percent".



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