Indian markets dip as USA Fed hikes interest rate |
India`s benchmark stock market index, Sensex, crashed over 400 points in early deals. And the Nifty dipped below 17,600-mark post the US Fed rate hike. The topline indices on the BSE and National Stock Exchange (NSE) opened over 0.5 per cent lower on 22nd September, in line with their Asian peers. The Indian currency, Rupee, also hit a record low. The US Federal Reserve has indicated more hikes. The Federal Reserve raised its benchmark rate by 75 basis points on 21st September, the third straight rise in a row. Fed officials hinted rates could hit 4.4% this year – higher than markets had priced in before the meeting and 100 bps more than the Fed projected three months ago. The Dollar hit a new two-decade high and Asian stocks hit a two-year low.
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