Rupee hits a six-month high of 82.72 against the US dollar
The Indian rupee rose to a six-month high on Thursday as foreign investors continued buying local bonds ahead of the nation’s inclusion into global debt indexes, analysts said. Rupee gained 0.1% to 82.7250 per dollar, the highest since September 4.
A weak US dollar, rally in domestic equities and foreign fund inflows supported the upward momentum in rupee. The local unit has advanced 0.5% so far this year, becoming Asia’s top-performing currency.
The dollar index was down at 103.22, hovering close to its lowest level in a month that it hit on Wednesday, after US bond yields fell following the release of data that signalled some softening in the labour market and Federal Reserve Chair Powell’s remarks that were not as hawkish as some had expected, Reuters reported.
(To be updated)
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Published: 07 Mar 2024, 12:37 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.