Rupee strengthened with positive indications

Heavy dollar demand from banks and importers, strengthening of the greenback against major currencies overseas weighed on the domestic unit, “Higher crude prices and rising dollar index both are weighing on the rupee. The ICE Dollar Index has resumed its upward journey. The Reserve Bank of India for the first time in 9 months bought US dollar on the spot market in December signalling that the worst may be behind for the Rupee which has turned from its worst levels. The central bank bought about $600 million in December, the first since March 2018, RBI data shows. Overseas investors resumed purchases of domestic assets on expectations the drastic fall in crude prices will boost corporate profits and reduce concerns over a runaway current account deficit, or the excess of overseas expenditure over revenue, according to Treasury officials at various banks.

  • The Indian rupee appreciated this week by ₹0.08 gain compared with the previous week close.
  • Last week Indian rupee closed at ₹71.30 with the aggregate loss of ₹0.06.
  • The last trading day of the week rupee closed at ₹71.22 with the loss of 0.06 paisa against the US dollar.
  • Highest gain 0.47 paisa on Tuesday and highest fall 0.36 paisa on Thursday

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