Rupee Tumbles Past Rs 96 Mark Amid Fed Rate Hike Frenzy

The Indian rupee has breached the Rs 96 per dollar mark for the first time since July 24, falling to Rs 96.10 against the US currency.

This decline comes after the Federal Reserve's latest rate hike, which strengthened the greenback and put pressure on emerging-market currencies like the rupee.

The dollar index rose by 0.10% in early trade, reaching 100.07 as investors bet on a higher interest rate environment in the US.

The rupee's decline is also being fueled by high crude oil prices and foreign portfolio outflows, with FIIs selling Indian equities worth Rs 2,032.61 crore net on Wednesday.