Rupee drops by 10 paisas to close at 82.90 against dollar

The local unit opened at 82.87 on the interbank foreign currency market and reached a top of 82.74 and a low of 82.92...

Digital Desk: The rupee dropped by 10 paise to settle at 82.90 (provisional) against the US dollar on Thursday after the US Federal Reserve hiked interest rates and maintained its hawkish stance.

The local unit opened at 82.87 on the interbank foreign currency market and reached a top of 82.74 and a low of 82.92.

It eventually finished at 82.90 against the dollar, a decline of 10 paise from its previous closing of 82.80.

The dollar index, which measures the value of the dollar against a basket of six different currencies, increased by 1.39 percent to 112.89.

Brent crude futures, the international benchmark for crude oil, decreased by 1.16 percent to USD 95.04 a barrel.

The 30-share BSE Sensex slid 69.68 points, or 0.11 percent, to 60,836.41, while the wider NSE Nifty fell 30.15 points, or 0.17 percent, to 18,052.70.

According to exchange data, Foreign Institutional Investors (FIIs) were net purchasers in the capital markets on Wednesday, buying shares worth Rs. 1,436.30 crores.

Meanwhile, the Reserve Bank's rate-setting panel convened on Thursday to finalize a report for the government on why retail inflation has been above the 6% target for three straight quarters since January of this year.