01-01-1970 12:00 AM | Source: Reuters
Indian rupee at highest in nearly 3 weeks, tracks broad dollar losses
The Indian rupee strengthened to its highest in nearly three weeks on Friday, tracking broad losses in the dollar on easing concerns over the need for continued aggressive interest rate hikes by the U.S. Federal Reserve.
The partially convertible rupee was trading at 79.40/41 to the dollar by 0345 GMT, from Thursday's close of 79.7550. In early trade it rose to a high of 79.3925, its strongest since July 11.
The dollar languished near a six-week low against the yen amid a sharp retreat in Treasury yields after investors interpreted a shrinking U.S. economy as one more reason for the Federal Reserve to ease off the tightening pedal.
Most Asian currencies also rose against the dollar. [EMRG/FRX]
Latest News
Indian shares log gains on less-hawkish Fed, easing ...
Indian shares log gains on less-hawkish Fed, easing ...
Post market comment by Mandar Bhojane, Research Anal...
Adani Enterprises Ltd posts robust FY24 results, inc...
Daily Market Analysis : Trading in the markets remai...
India's Vodafone Idea in talks to avail loans worth ...
Godrej Security Solutions Partners with HDFC Bank to...
Groww launches India`s first Nifty Non-Cyclical Cons...
Federal Bank climbs on reporting rise in Q4 consolid...
Eicher Motors inches up after its motorcycle divisio...