Rupee at over two-year low after ECB stimulus, Fed rate hike fear

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Mumbai: The rupee slumped to an over two-year low on Friday, tracking weakness in global markets after the European Central Bank`s stimulus package fell short of expectations and renewed fears of a U.S. rate hike.

The rupee was trading at 66.96/97 to the dollar, its lowest since Sept. 4, 2013. It had closed at 66.6525/66.6625 per dollar on Thursday.

Federal Reserve Chair Janet Yellen, speaking before Congress` Joint Economic Committee on Thursday, said the United States may be “close to the point at which we should be raising” rates.

Reuters

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