After expecting the US federal Bank’s move of hawkish rate hike of 75 basis points, the Indian rupee hit a record low of 80.86, down from 79.9750. This is the steepest fall in a single day session, after Feb 24. Some investors have testified that RBI attempted to save the falling rupee, but the move wasn’t bold enough, while others confirmed that a complaint of RBI not even selling the dollar led to the demise. 125 basis points hike is expected from the Fed in the remaining two meetings of 2022, according to the 4.4% estimate.
