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Rupee Rises 6 Paise Against US Dollar
Rupee strengthens by 6 paise to 78.04 against US Dollar on Friday as easing crude oil prices supported the local unit.
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Rupee is trading strongly today against the US dollar in early trade. Rupee has climbed 6 paise to 78.04. The rupee had closed at 78.10 against the dollar yesterday. The rupee has strengthened due to the weakening of the dollar and fall in crude oil prices.
The government does not see any adverse impact on the Indian economy post the US Federal Reserve's decision to raise interest rates by 75 basis points, Economic Affairs Secretary Ajay Seth said on Thursday.
According to traders, the dollar index fell below its elevated level after the US Federal Reserve increased the interest rate by 0.75 percent to deal with rising inflation, forecasting a slowdown in the economy and increasing unemployment in the coming months. Rupee opened at 78.04 against the dollar in the interbank foreign exchange market.
RBI's monthly bulletin for June states that the Reserve Bank of India (RBI) turned net purchaser of the US currency in April, after it bought USD 1.965 billion from the spot market.
(PTI)