This morning, the rupee strengthened significantly versus the US dollar as the Indian market indices traded mainly steadily with a positive bias.
At 9.56 am, the Sensex was up 32.97 points, or 0.054 percent, and the Nifty was up 39.90 points, or 0.22 percent, at 18,157.05 points. In comparison to Friday’s closing rate of 82.44 per US dollar, the rupee began at 82.11.
The market indices stopped rising after more than two weeks of straight gains as the US Federal Reserve kept hiking important interest rates to combat the multi-decade high inflation.
In its most recent monetary policy meeting, it increased the main policy rate by 75 basis points, bringing it to a level over a decade high of 3.75–4.0%. Notably, this marks the fourth straight hike of such volume.