Rupee rises 17 paise to 95.56 against US dollar in early trade
The rupee firms up against dollar after US Treasury announces it would double its buyback operations for longer-dated Treasury bonds
The Indian rupee strengthened by 17 paise, reaching 95.56 against the US dollar in early trade on Thursday, following a weak American currency. The US Treasury announced it would double its buyback operations for longer-dated Treasury bonds, which contributed to the dollar's decline and reduced its yield advantage. The dollar index fell to its lowest level since late May, and US long-term yields dropped, putting pressure on the dollar's strength.
Forex traders attributed the rupee's rise to the weaker dollar, while Brent crude, the global oil benchmark, traded higher by 0.32 per cent at $91.91 per barrel, adding to the pressure on India's import bill. Despite the rupee's improvement, elevated oil prices and fragile sentiment remain counterweights, suggesting shallow and short-lived dips in the rupee's value.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
