Rupee hits record low of 80.28 against US dollar after Fed rate hike

The rupee hit a fresh record low on Thursday after it opened at 80.28 against the US dollar. The currency slipped 0.39% in the opening trade against yesterday’s closing of 79.97. After the US Federal Reserve hiked interest rates by 75 basis points on Wednesday, the US dollar surged to a 20-year high at 111.63.