Rupee crosses 96 mark for 1st time in over a month after Fed rate hike

The rupee briefly slid past the 96 mark against the US dollar in early trade on Thursday, breaching the level for the first time since July 27. This came after the US Federal Reserve raised its benchmark interest rate by 25 basis points, its first rate hike since 2023. Higher rates can strengthen the dollar, putting pressure on emerging-market currencies.