The rupee has hit an all-time low. On Thursday, it opened at Rs 80.28 against the US dollar. Earlier on Wednesday, the rupee had closed at 79.98. On Wednesday, the rupee touched its all-time low of 80.45. On the other hand, the dollar has seen the biggest jump in the last 20 years.
To control inflation, the Fed decided to increase interest rates
The US central bank Federal Reserve has announced to increase in interest rates by 0.75 percent to control wild inflation. The bank's benchmark funds rate has increased from 3% to 3.25% after the third consecutive increase. Interest rates are projected to go up to 4.6 percent by 2023. It is likely to have an impact on the whole world including India. Due to this, there was a huge fall in the market and the market closed at the low levels of the day. Dow Jones fell 522 points to close at the 30184 level. On the other hand, Nasdaq lost 205 points and closed at 11,220 points. The S&P is also down by 2%.
Swiss National Bank also increased the interest rate
To curb inflation, the Swiss National Bank has also raised its key interest rate from -0.25 percent to 0.5 percent, the biggest increase ever.
Also Read: Rupee vs Dollar: Rupee closes at record low against the dollar, dollar index at two-decade high
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