Rupee Falls Past 96 Against Dollar After Fed Hike

The Indian rupee became weaker against the US dollar.

It traded at more than 96 rupees for one dollar.

This was the first time in over a month that it crossed that level.

The Federal Reserve raised US interest rates by 25 basis points.

Higher US interest rates can make the US dollar more attractive to investors.

The Federal Reserve also suggested that it might raise rates again.

The stronger dollar put pressure on currencies in developing economies, including the rupee.

Higher crude oil prices also increased India’s need for dollars.

Together, these factors made the rupee more vulnerable.