Rupee breaches 96 per dollar; weakest in over a month

The Indian rupee weakened past the 96-per-dollar mark on Thursday for the first time in more than a month, pressured by a stronger US dollar after the Federal Reserve raised interest rates and signalled further tightening.The rupee opened at 95.9850 per dollar, against Wednesday's previous close of 95.9550, before weakening past 96. PTI later reported the currency at 96.07, down 16 paise, while Reuters quoted it at 96.08 per dollar, down around 0.1 percent.According to Reuters, four traders said the Reserve Bank of India likely intervened in the foreign exchange market to contain the decline. State-run banks were seen offering dollars, which traders said was likely on behalf of the RBI.The rupee has faced pressure from a stronger dollar, elevated oil prices and higher global bond yields. The US Federal Reserve's 25-basis-point rate hike further strengthened the dollar and added pressure on emerging-market currencies.Get the latest Business News and Live updates. Download the TOI app.