Rupee Vs. USD: Indian Rupee Strengthens Against Weakening USD

22 Jun 2023 , 10:49 AM

The Indian rupee commenced trading on Thursday with an 11 paise gain against the US dollar, despite Federal Reserve Chair Jerome Powell’s relatively hawkish statements made to US lawmakers. The local currency opened at 81.93 per dollar, reflecting an improvement from the previous day’s closing rate of 82.04.

According to a report by Reuters, the US dollar struggled to maintain its value against a basket of currencies and lingered near a one-month low. This decline came in response to Jerome Powell’s remarks during his testimony on Capitol Hill, where he indicated that if the economy continued on its current trajectory, it would be reasonable to expect further increases in US interest rates.

On Wednesday, the Indian rupee concluded the trading session with an 8-paise gain, settling at 82.04 against the US dollar.

The Indian stock market experienced a sluggish start as the benchmark indices Sensex and Nifty, opened lower, influenced by mixed signals from Asian markets.

Provisional data obtained from the exchanges revealed that Foreign Institutional Investors (FIIs) purchased Indian equities worth Rs 4,013.10 crore on Wednesday, while Domestic Institutional Investors (DIIs) bought shares worth Rs 550.36 crore.

For feedback and suggestions, write to us at [e-mail]