Rupee opened 22 paise higher against the US dollar in the early trade on Tuesday ahead of Federal Reserve monetary policy decision.
Rupee opened 22 paise higher against the US dollar in the early trade on Tuesday ahead of Federal Reserve monetary policy decision. The domestic currency opened at 71.33 a dollar versus the previous close of 71.55 versus the greenback. The 10-year government bond yield stood at 7.426 per cent from the last close of 7.46 per cent.
Another rate hike is expected by the US markets when the FOMC meets for the last time in 2018 on Wednesday. However, the traders would be more interested towards the outlook for the American economy in the coming year, Bloomberg reported.
Meanwhile, the domestic stock market–Sensex and Nifty–opened lower tracking weak global cues, after S&P 500 closed at a 14-month low on concerns about slowing economic growth. The 30-share Sensex slumped 213 points in the opening trade to 36,047.49, while the broader Nifty 50 was trading firmly below 10,850-level.
Tata Motors share price gained by more than 2% to hit the day’s high at Rs 177.60. Notably, the firm’s subsidiary JLR has reportedly hired Boston Consulting Group for its $3.2 billion turnaround plan.