The rupee weakened against the US dollar on Thursday as the Federal Reserve, late Wednesday, said that it would likely raise interest rates in March in order to tamp down on hardening inflation in the world’s largest economy. Following the US Federal Open Market Committee’s two-day meet which ended Wednesday, Fed Chair Jerome Powell also said that the central bank would seek to wrap up asset purchases by March.

With the Fed ramping up its efforts to tame inflation in the US, domestic traders feel that the central bank could raise interest rates by a greater quantum than was earlier expected, with some fearing a 50-basis-point rise in March itself. In December, the Fed had signalled three rate hikes of 25 bps each in 2022.

The Relative Strength Index of the stock stood at 54.2 on Thursday.

APL Apollo Tubes Ltd., incorporated in the year 1986, is a Mid Cap company (having a market cap of Rs 21556.59 Crore) operating in Metals - Ferrous sector.

A total of 48,117 shares changed hands on the counter till 10:56AM (IST).

The stock quoted a 52-week high price of Rs 141.75 and a 52-week low of Rs 86.7.

According to the various reports, Lupa India, the investment company set up by Uday Shankar and James Murdoch, is in the final stages of picking up a 39 per cent stake in Viacom 18.

“Tata Consumer and Hindustan Unilever are the FMCG stocks we are betting on.”

Barring the US dollar-pegged stable coins, all other eight out of the top-10 digital tokens were trading lower during the trade on Thursday. Bitcoin and Ethereum shed more than 2 per cent each, whereas Terra dropped 7 per cent.

Supreme Industries Ltd., incorporated in the year 1942, is a Mid Cap company (having a market cap of Rs 26013.20 Crore) operating in Plastics sector.