The Indian rupee weakens and under pressure on Thursday past the 96-per-dollar handle after the U.S. Federal Reserve raised interest rates and signalled that further tightening is ?in the pipeline. The Fed raised interest rates by 25 basis points on Wednesday, its first increase since 2023, with officials expecting one more increase this year. The hike pushed the dollar index above the 100 ?mark to its highest level in more than a month. Asian currencies slipped on Thursday, while equities traded mixed as investors digested the prospect of higher global borrowing costs. The Fed's hike follows a rate increase in Europe last week and precedes an anticipated rise in Japan on Friday, as central banks globally grapple with rising inflation. Futures imply about a 50% chance of another Fed hike next month to rein in inflation. A total of three rate increases have been priced in for this ?tightening cycle. The rate outlook is expected to add to pressure on the rupee, already weighed down by elevated oil prices and foreign portfolio outflows from Indian stocks and bonds. The dollar clung to a seven-week high on Thursday after the Federal Reserve raised interest rates and flagged more hikes in coming months, while investors awaited ?decisions from the Bank of England later and the Bank of Japan on Friday. The dollar's strength pushed the euro to $1.1456, near a seven-week low, while sterling was flat at $1.3377 ahead of the Bank of England's meeting later on Thursday. At 156.20 per dollar, the yen hovered near a two-week low as markets awaited the Bank of Japan's decision on Friday. Attention is now firmly on the Bank of Japan, which is expected to raise interest rates to a 31-year high on Friday and signal its readiness to keep pushing up borrowing costs, joining other major central banks in ?fighting persistent inflation pressures driven by soaring oil costs. The British pound was little changed against the euro and the ?dollar on Wednesday as underlying readings of UK inflation held steady in August, even as headline consumer price inflation accelerated to a five-month high. Gold prices rose more than 1% on Thursday ?as investors digested the U.S. Federal Reserve's interest rate hike and its signal that further policy tightening may follow, while an earlier rally in oil prices lost momentum. Spot gold was up 1.1% at $4,310.49 per ounce, as of 0149 GMT, after hitting a near six-week low on Wednesday. Oil prices fell, extending losses from the ?previous session, as reports of Saudi Arabia offering extra crude cargoes through Oman reduced fears of supply disruptions. Spot silver rose 1.4% at $63.83, platinum firmed 1.6% to $1,780.55 and palladium climbed 2% to $1,295.00. Brent crude eased slightly to about $106 a barrel after reports that Saudi ?Arabia had offered additional cargoes through Oman, easing some concerns over supply disruptions.However, restrictions around the Strait ?of Hormuz and persistent geopolitical risks continue to cloud the oil market outlook.......