On Wednesday, the rupee had closed down by 22 paise at 79.96 against the dollar.
The US Fed raised interest rates by 75 basis points to 3-3.25%. This was an increase of 75 basis points for the third time in a row. Fed Chairman Jerome Powell reiterated the Fed’s commitment to containing inflation in his press conference.
“Given the broader dollar strength, the Reserve Bank of India may also consider revising its intervention function. We are likely to see the 80.10-80.50 range on Thursday,” IFA Global Research Academy said.
“We have to get inflation behind us. I wish there was a painless way to do that,” Fed Reserve Chairman Jerome Powell said. “There isn’t”.
He continued: “We want to work aggressively now, and get this work done, and continue to do it until it’s done.”
The focus will be on monetary policies of the Bank of Japan (BoJ) and the Bank of England (BoE), it said, adding that the BoE is expected to hike rates by 50 basis points.