Rupee Slips by 27 Paise Against US Dollar

MUMBAI: The Indian Rupee slipped by 27 paise after the Federal Reserve projected higher for longer interest rates despite cooling inflation, and recession risks.

At the interbank foreign exchange market, the rupee opened sharply lower at 82.63 against the greenback and witnessed a high of 82.41 and a low of 82.77.

Meanwhile, the dollar index rose from 103.50 to 104.25. The Fed raised interest rates by half a percentage point on Thursday. However, the dollar still suffered as investors questioned the extent to which the central bank would commit to slowing down the economy in its fight against cooling inflation.

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