Rupee falls 8 paise to 82.88 against US dollar after Fed hikes rates

The rupee depreciated 8 paise to 82.88 against the US dollar in morning trade on Thursday after the US Federal Reserve raised interest rates and maintained a hawkish stance.

At the interbank foreign exchange, the domestic unit opened at 82.87 against the dollar, then lost further ground to quote at 82.88, registering a loss of 8 paise over its previous close.

In initial trade, the local unit also touched 82.84 against the American currency.

On Wednesday, the rupee settled at 82.80 against the American currency.

According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, the US Fed's commentary was not dovish at all. "Oil was higher at USD 95.50 per barrel while GBP and Euro were lower after the hawkish FED comments."

The rupee could trade in the range of 82.50-83.20. "Exporters may sell dollars at 83 levels keeping a close watch on RBI while importers may continue to buy all dips they get," Bhansali said.

Meanwhile, the dollar index, which gauges the greenback's