Now Reading: Rupee rises 13 paise to 95.63 against US dollar in early trade
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Rupee rises 13 paise to 95.63 against US dollar in early trade
The rupee opened stronger by 13 paise at 95.63 against the US dollar in early trade on Thursday, supported by positive domestic equity markets and foreign capital inflows. The Hindu reports the…
The Story in Brief
The rupee opened stronger by 13 paise at 95.63 against the US dollar in early trade on Thursday, supported by positive domestic equity markets and foreign capital inflows. The Hindu reports the gain was capped by a strong dollar index after the US Federal Reserve held interest rates steady.
The dollar index rose 0.06% to 101.79. Benchmark Brent crude futures fell 1.26% to $89.60 a barrel, retreating from $90 levels as renewed US-Iran hostilities raised fears of supply disruptions. On Wednesday, the rupee had closed at 95.76, gaining 6 paise.
The Indian Opinion
The rupee's gain is being celebrated, but the bigger picture is a currency that has lost considerable ground over the past year. The narrative that a strong dollar is the sole culprit ignores India's own inflation and current account pressures. Keep an eye on crude, if it stays above $90, the rupee's rally will be short-lived.
Source: thehindu.com
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