Rupee rises 10 paise to 83.53 against U.S. dollar in early trade
The Hindu
Rupee strengthens against dollar due to overall dollar weakness, while Indian economy expected to accelerate in coming quarters.
The rupee appreciated 10 paise to 83.53 against the U.S. dollar in early trade on Wednesday (September 25, 2024), on the overall dollar weakness in the overseas market.
Forex traders said the U.S. dollar has weakened against majors post the weak consumer confidence print. The U.S. consumer confidence dropped by the most in three years to 98.7 from 105.6 in August.
At the interbank foreign exchange market, the local unit opened at 83.59 against the American currency, then touched 83.54, registering a rise of 10 paise over its previous close.
On Tuesday (September 24, 2024), the rupee depreciated 9 paise to close at 83.63 against the American currency.
"The Indian rupee which depreciated on Tuesday opened stronger on the overall dollar weakness against Asian currencies and European currencies," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.21% to 100.25 points.
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