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Indian rupee strengthened Against the US dollar

Indian rupee strengthened Against the US dollar

The Indian rupee on Thursday strengthened against the US dollar tracking gains in the Asian currencies markets after US Federal Reserve minutes signalled a moderate pace in rate hikes.The rupee opened at 64.56 a dollar. At 9.15am, the rupee was trading at 64.51, up 0.34% from its Wednesday’s close of 64.73.

The benchmark Sensex index rose 0.18% or 53.74 points to 30,355.38. So far this year, it has gained 14%.

So far this year, the rupee has gained 5%, while foreign investors bought $7.78 billion and $10 billion in local equity and debt markets, respectively.

Asian currencies were trading higher. South Korean won was up 0.78%, Malaysian ringgit 0.33%, Taiwan dollar 0.32%, China renminbi 0.3%, Thai baht 0.22%, Indonesian rupiah 0.17%, Philippines peso 0.14%, China offshore 0.11% and Singapore dollar 0.08%. However, Japanese yen was down 0.11%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 96.936, down 0.31% from its previous close of 97.351.

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