By Admin 
Rupee vs dollar: The US central bank US Federal Reserve has seen pressure on the Indian currency after a reduction in policy rates by 0.25 percent. The rupee fell 16 paise to 88.01 against the US dollar. Businessmen are now assessing the widespread impact of Fed’s decision.
Fall in rupee
The US Fed reduced the interest rates by 0.25 percent as expected and indicated that the borrowing costs could be reduced even in the rest of the year. The rupee opened at 87.93 against the dollar in the Interbank Forex Market, but fell to 88.01 during the trading. In this way, it weakened 16 paise against the previous closed price.
On Wednesday, the rupee climbed 24 paise to close at 87.85 against the dollar. Meanwhile, the dollar index showing a strong dollar against six major currencies rose 0.17 percent to 97.03. The Global Oil Index Brent crude futures fell by 0.12 percent to $ 67.87 per barrel.
Stock market boom
On the other hand, the Indian stock market strengthened due to increase in purchases in IT shares after the fed rate cut. The BSE Sensex rose 447.5 points to 83,141.21 on Thursday and NSE Nifty rose 118.7 points to 25,448.95.
Sensex companies had a significant increase in Infosys, HCL Tech, Tech Mahindra, HDFC Bank, Sun Pharma and Tata Motors, while Bajaj Finance, Tata Steel, UltraTech Cement and Kotak Mahindra Bank closed in red mark. The global oil index Brent crude fell 0.16 percent to $ 67.86 per barrel. According to the stock market data, foreign institutional investors (FII) on Wednesday sold shares worth Rs 1,124.54 crore.
Also read: US Fed to stand on the verge of recession by US Fed, reduction in interest rate by 0.25 percent