# Rate hike fears, sell off: 5 reasons why the rupee hit 68 levels today | News on Markets - Business Standard

> The rupee crossed 68 against the dollar on November 18 after Fed Chair Janet Yellen said the November policy assessment still held, implying a likely December rate hike. Strong US housing data and a drop in jobless claims reinforced the view of a firmer US economy. The rupee had also been pressured by the demonetisation drive and emerging-market outflows.

- Date: 2016-11-18 · published 2016-11-18T12:00:00.000Z
- Category: macro · region India · magnitude low
- Page: https://feedsoft.ai/events/74123-rate-hike-fears-sell-off-5-reasons-why-the-rupee-hit-68-levels-today-news-on
- Commodities: [Indian Rupee (INR per USD)](https://feedsoft.ai/c/USDINR.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Expectations of a Fed hike support a stronger dollar, which raises the rupee cost of dollar-priced feed imports. Analysts expected the rupee to test 68.1 in the near term.

## Read by commodity

- DXY: bullish ▲
- USDINR: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2026-08-31 | [Dollar holds near two-week high as bets rise on September Fed rate hike \| Markets News - Business Standard](https://feedsoft.ai/events/18081-dollar-holds-near-two-week-high-as-bets-rise-on-september-fed-rate-hike-markets.md) | -0.6% | +1.6% |
| DXY | 2021-11-11 | [Indian bonds, rupee take US inflation scare relatively easy \| News on Markets - Business Standard](https://feedsoft.ai/events/44322-indian-bonds-rupee-take-us-inflation-scare-relatively-easy-news-on-markets.md) | +0.8% | +1.2% |
| DXY | 2023-06-30 | [Indian rupee to struggle on more Fed rate hike bets; US yields surge - Markets - Business Recorder](https://feedsoft.ai/events/35782-indian-rupee-to-struggle-on-more-fed-rate-hike-bets-us-yields-surge-markets.md) | -0.4% | -1.5% |
| DXY | 2022-01-27 | [Bond yields rise, rupee falls on US Federal Reserve policy and crude prices \| News on Markets - Business Standard](https://feedsoft.ai/events/43416-bond-yields-rise-rupee-falls-on-us-federal-reserve-policy-and-crude-prices-news.md) | +0.1% | +0.7% |
| DXY | 2018-11-04 | [Seoul: Stocks fall on trade war concerns, Fed rate hike fears - The Business Times](https://feedsoft.ai/events/62262-seoul-stocks-fall-on-trade-war-concerns-fed-rate-hike-fears-the-business-times.md) | +0.7% | +0.3% |

## Sources

- business-standard.com: https://www.business-standard.com/article/markets/rate-hike-fears-sell-off-5-reasons-why-the-rupee-hit-68-levels-today-116111800237_1.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.