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Indian rupee hits One Week High, Rises 24 paise against USD

The Indian rupee appreciated for the second consecutive day on Tuesday, rising 24 paise to 69.58 against the US Dollar in early trade.

Indian rupee, appreciated for the second consecutive day today, rising 24 paise to 69.58 against the US Dollar in early trade.

The rupee had made a strong comeback yesterday appreciating 33 paise to close at 69.82 against the greenback amid a weak dollar and strong rally in the domestic equity markets.

Forex dealers said the American currency witnessed selling by exporters and banks after the US President Donald Trump accused China and Europe of manipulating their currencies and criticised the Federal Reserve for hiking interest rates, according to a report.

A report said that the Indian rupee rose to its highest in a week on Tuesday tracking Asian currencies after US President Donald Trump said in an interview that he was “not thrilled” with the Federal Reserve’s interest rate hikes.

The Indian rupee rose to its highest level since August 13. The 10-year benchmark bond yield was unchanged at 7.83%.

In the domestic equity markets, the benchmark Sensex index of the BSE rose 124.21 points, or 0.32% to scale a fresh high of 38,402.96 points. The Nifty 50 index of the National Stock Exchange too scaled a new peak of 11,581.75 in early trade.

Provisional data from the stock exchanges showed that foreign institutional investors sold stocks worth Rs 483.04 cfrore on Tuesday, while domestic institutional investors invested in scrips worth Rs 593.22 crore.

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