Home Finance Indian Rupee settles 4 paise higher at 76.53 against US dollar

Indian Rupee settles 4 paise higher at 76.53 against US dollar

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Indian Rupee settles 4 paise higher at 76.53 against US dollar

The rupee pared initial losses to settle 4 paise higher at 76.53 (provisional) against the US dollar on Thursday, tracking positive domestic equities.
The appreciation bias in the local unit is likely to be capped in the near term amid strong American currency, inflationary concerns and fears about an aggressive pace of the US rate hikes, traders said.
At the interbank forex market, the rupee opened at 76.60 against the greenback and moved in a range of 76.43 to 76.71 in

the day trade. It finally closed at 76.53, registering a rise of just 4 paise over its previous close of 76.57.
On Wednesday, the rupee had settled almost flat at 76.57 against the US dollar.
“Rupee weakened in the first half of the session but rose in the latter half despite broader gains in the dollar. The dollar has been rising on the expectation that the Fed could raise rates at the next week’s meeting,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.
Inflation remains a …

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