Rupee continues its winning streak against US dollar
The Indian currency opened stronger, below the 95 level, on Thursday at 94.91 per US Dollar, up 24 paise against the previous close of 95.15. The Rupee is currently trading at 94.9325.
The Indian Rupee has maintained its upward trend against the US Dollar, buoyed by measures implemented by the Reserve Bank of India (RBI) to reduce speculation and volatility in the foreign exchange market. On Thursday, the Indian currency opened at 94.91 per US Dollar, marking a gain of 24 paise from the previous close of 95.15.
Currently, the Rupee is valued at 94.9325 per US Dollar. Over the past four trading sessions, starting from last Friday, October 9, and ending on Wednesday, October 14, the Rupee has appreciated by 163 paise against the Dollar. Amit Pabari, the Managing Director of CR Forex Advisors, noted that the Rupee has been steadily gaining ground in a calm yet decisive manner.
Despite higher inflation and rising yields in the US, the dollar has found it challenging to maintain its gains. When the dollar does not receive further support, the Rupee has room to recover. Pabari commented that a sustained break below 94.80 could lead to an additional appreciation of 50-75 paise. Additionally, the reduced direct demand for dollars from oil companies may contribute to this upward momentum.
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