Indian rupee hit an eight-week high against the US dollar
The Indian rupee hit an eight-week high against the US dollar on Thursday, as foreign institutional investors (FIIs) continued to buy in local equity markets.
The local currency opened at 67.42 a dollar and touched a high of 67.39, a level last seen on 8 December 2016. At 9.15am, the home currency was trading at 67.43, up 0.06% from its previous close of 67.48.
This was the seventh consecutive session when the rupee opened higher. FIIs bought nearly $517.81 million in equity over the last 10 trading sessions and have been buyers on all but one trading session over this period.
Asian currencies were trading mixed after US Federal Reserve officials gave little direction on when it might next raise rates. The Fed acknowledged rising confidence among consumers and business and reiterated its intention to lift rates gradually as the labour market tightens.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 99.58, down 0.07% from its previous close of 99.641.
The local currency opened at 67.42 a dollar and touched a high of 67.39, a level last seen on 8 December 2016. At 9.15am, the home currency was trading at 67.43, up 0.06% from its previous close of 67.48.
This was the seventh consecutive session when the rupee opened higher. FIIs bought nearly $517.81 million in equity over the last 10 trading sessions and have been buyers on all but one trading session over this period.
Asian currencies were trading mixed after US Federal Reserve officials gave little direction on when it might next raise rates. The Fed acknowledged rising confidence among consumers and business and reiterated its intention to lift rates gradually as the labour market tightens.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 99.58, down 0.07% from its previous close of 99.641.
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