Comments
The rupee snapped its three-day losing streak to close 17 paise higher at 68.80 against the US dollar on Friday as market participants pinned their hopes on an aggressive rate cut by the US Federal Reserve later this month.
Forex traders said the rupee along with most Asian currencies strengthened following dovish comments from New York Fed officials, offsetting the impact of soaring crude oil prices amid fresh geopolitical tensions in the Middle East. At the interbank foreign exchange market, the local unit opened on a firm footing at 68.78, and shuttled between a high of 68.74 and a low of 68.95 during the day. The rupee finally closed at 68.80, up 17 paise over its previous close.
The rupee had settled at 68.97 against the US dollar Thursday.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.