Friday, June 21, 2024
Today’s News

Indian Rupee Appreciates 7 Paise against US Dollar in Early Trade

Following its recent trend, the Indian rupee gained 7 paise to 83.24 against the US dollar (Dh22.68) on Wednesday due to a decrease in U.S. Treasury yields prior to the Federal Reserve minutes.

The currency ended Tuesday at 83.3050 versus the US dollar, up a little from 83.3350 on Friday. The dollar/rupee exchange rate fell from 83.50 on Friday and continued to decline on Tuesday. Forex traders said that outflows of foreign funds and negative sentiment in the domestic equity market were the reasons behind the rupee’s resistance.

As investors awaited the release of the Fed’s most recent meeting minutes, the majority of Asian currencies saw a slight increase, the dollar index declined, and U.S. Treasury yields decreased.

During that meeting, the Fed acknowledged the higher inflation readings in the January–March quarter, but it also indicated that it is still leaning towards lowering borrowing costs.

The currency faced resistance, according to forex traders, because of the negative sentiment in the domestic equity market. After closing at 83.3350 on Friday, the currency ended Tuesday at 83.3050 versus the US dollar. The dollar/rupee pair saw a decline on Friday that started at 83.50 and continued to decline on Tuesday.

Also Read:

Proven Wellness and Weight-Loss Solutions For All With Dawsat: Mas Watad 

Top 10 Women Entrepreneurs to Watch in 2024: Uncovering Revolutionary Stories

INTERVIEW

Press Release

Letest News

Lifestyle

Friday, June 21, 2024

Entrepreneur Mirror is a platform with a significant focus on business, technology, startups entrepreneurship, leadership, innovation, content creation, prominent business personalities, and many more across the globe. Further, the company publishes interviews, business content, press releases, articles, etc. 

SUBSCRIBE

Copyright © 2024 Entrepreneur Mirror All Right Reserved