Rupee closes at new all-time low ahead of Fed's interest rate decision

The rupee hit a fresh all-time low on Wednesday, ahead of the US Federal Reserve’s announcement on interest rates, closing at 78.06/$, compared to the previous close of 78.00/$.

On Monday, the rupee had breached the 78/$ mark and hit a record low of 78.28/$ intraday.

“Rupee consolidated in a narrow range ahead of the important FOMC policy statement that will be released on Wednesday,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.

“Hawkish comments could continue to keep the dollar supported to lower levels. Major crosses remained under pressure following broad gains in the dollar,” he