INR vs USD: Rupee posts massive gains; trades below 70 for first time since Aug 27
The rupee (INR) continued its upward trend in the early morning trade deals on Thursday, reviving to a three-month high against the US dollar.
Forex dealers said the US dollar weakened against other currencies overseas after US Federal Reserve Chairman Jerome Powell comments that the central bank's benchmark interest rate is likely to be near a neutral level, reported news agency PTI. Soon after Powell comment came to light, the US dollar started trading weaker against other overseas currency and helped INR stand stronger.
At the Interbank Foreign Exchange, the domestic currency opened on a higher note at 70.15 and then gathered further momentum and touched a high of 70.05, up 57 paisa over its previous close. As per today’s graph, the Indian currency has appreciated by 6 per cent compared to its all-time low of $74.48.
On Wednesday, INR tanked by 17 paise to close at 70.62 against the US currency as global crude oil prices slipped down. Speaking to news agency PTI, several Forex traders said that the robust foreign fund inflows and easing crude prices also supported the rupee.
On Wednesday, Foreign portfolio investors (FPIs) bought shares worth a net of Rs 961.26 crore. Globally, Brent crude, the international benchmark, was trading 0.41 per cent up at USD 59 per barrel. Meanwhile, the benchmark BSE Sensex gained by 364.32 points, or 1.02 per cent, to quote at 36,081.27 in early morning trade today.
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