Rupee rebounds from all-time low against US dollar in early trade on Wednesday
The Indian rupee rebounded from an all-time low against the US dollar in early trade on Wednesday, driven by hopes of reduced dollar demand after government hiked import duties on gold and silver to 15% from 6% to curb overseas purchases of the metals and ease pressure on the Country’s foreign exchange reserves. Moreover, weak crude oil prices supported rupee sentiments. However, Foreign Institutional Investors offloaded equities worth Rs 1,959.39 crore on Tuesday, exchange data showed. Meanwhile, domestic retail inflation edged higher to 3.48% in April, remaining within the Reserve Bank of India’s (RBI) target band of 2% to 6%. Moreover, investors were also closely tracking developments around the fragile ceasefire in the Iran war and awaiting a high-stakes summit between US President Donald Trump and Chinese President Xi Jinping in Beijing.
