New Delhi, July 28
After breaching the Rs 80-mark against the greenback a week ago, the rupee made its biggest intra-day gain on Thursday to close at Rs 79.69 against the US dollar on Thursday. It appreciated by 22 paise as against a decline of 13 paise on Wednesday when it had closed at 79.91.
The rupee and equities seem to have largely factored in the US Fed’s 75 bps hike in interest rates. “The tone of the Fed Chairman was less hawkish compared to previous statements which uplifted the sentiments. Going ahead, the rate hikes would be determined by the behaviour of inflation,” said analyst Motilal Oswal.
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