Rupee slips 28 paise at open as Fed hikes rate

The rupee opened 28 paise lower at 70.68 against the US dollar on Thursday  after the US Federal Reserve raised interest rates by 25 basis points (bps) in its last policy meet of 2018, concluded Wednesday. 

The domestic unit pared early gains but managed to end 5 paise higher at 70.39 Wednesday on increased selling of the greenback by exporters amid benign crude oil prices and smart gains in domestic equities.

On Wednesday, the US Fed raised interest rates by a quarter percentage points and signaled that interest rate increases next year would be at a slower pace than previously forecast.