Rupee slumps to 64.81 as Fed signals another rate hike

Indian Markets began its trading on Thursday at a positive note as global peers saw surged after the Federal Reserve signalled it still expects to raise interest rates one more time this year.

The rupee on Thursday weakened over 10-week low against the United States dollar.

Meanwhile, the benchmark BSE index lower by 30.47 points or 0.09 per cent at 32,370.04. It rose 17.75 points or 0.17% at the day's high of 10,158.90 in early trade.

The Bank of Japan (BOJ), at the conclusion of its two-day monetary policy meeting today, 21 September 2017, kept monetary policy steady.

"After the Fed rate decision, Asian markets have come under slight pressure but it hasn't been a tipping point for Indian markets", said Anand James, chief market strategist with Geojit Financial Services.

"Weakness in the rupee reflected markets' reaction to Fed outcome and a potential rate hike in December".

Key telecom stocks such as Idea Cellular, Reliance Communication and Tata Teleservices fell by up to 3.43 per cent after Trai yesterday slashed mobile interconnection usage charge (IUC) by more than half to 6 paise a minute. Among major losers, ICICI dropped by 2.29 per cent, Axis Bank by 1.79 per cent, Coal India and ONGC by 1.7 per cent. Andhra Bank fell 3.5 percent, Bank of India declined 3.3 percent, Syndicate Bank lost 2.7 percent, Punjab National Bank shed 2.3 percent while Canara Bank was down 1.5 percent.

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The rupee was trading at 64.480 down 0.095 paisa or 0.15% against the U.S. benchmark dollar index.

On the 30 stock Sensex, Larsen and Toubro (2.20 percent), Bajaj Auto (1.86 percent) and Tata Motors (1.73 percent) were the top gainers.

Gains in TCS, HDFC Ltd, Bharti Airtel and Hero MotoCorp cushioned the overall fall to an extent.

In terms of investments, provisional data with the exchanges showed that FIIs sold scrip worth Rs 1,185.44 crore while domestic institutional investors (DIIs) purchased stocks worth Rs 946.23 crore.

Sector-wise, the S&P BSE metals automobile index slipped by 171.59 points, consumer durables index by 120.81 points and banking index by 78.29 points.

Foreign portfolio investors (FPIs) remained passive as they sold shares worth a net Rs 1,719.62 crore.