INR briefly dips beyond Rs 96 per dollar as dollar firms above 100 mark

The Indian rupee dropped past Rs 96 per dollar mark in opening trades on Thursday as dollar firmed up following US feds decision to hike benchmark interest rates. The Federal Open Market Committee (FOMC) voted unanimously to lift the benchmark federal funds rate to a range of 3.75% to 4.0% on Wednesday. It was the US central banks first rate hike since July 2023. Dollar regained momentum above 100 mark. INR opened at Rs 95.88 per dollar and slipped to a low of 96.10 so far during the day. Local shares however edged up in early trades and oil is slightly lower, limiting downside in the counter. The NSE Nifty 50 is hovering around 23,284.10, up slightly by 0.29%, while the BSE Sensex stands at 74,498.10, gaining 0.22% in morning trade.

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