Rupee rebounds from record low against the US dollar on Monday
The Indian rupee rebounded from record low against the US dollar on Monday tracking firm domestic equities, weak American currency, US dollar selling by banks, and timely intervention by the Reserve Bank of India. Meanwhile, optimism surrounding a potential US-India trade deal by December-end also supported rupee sentiments. The boost also came after remarks from Fed policymaker John Williams, who said that interest rates can fall in the near term, boosting the likelihood of further easing in December. Rupee improved further after RBI data showed India's forex reserves jumped $5.543 billion to $692.576 billion during the week ended November 14 due to a steep increase in the value of gold reserves.
The partially convertible currency is currently trading at 89.18, stronger by 48 paise from its previous close of 89.66 on Friday. The currency touched a high and low of 89.50 and 89.05 respectively.
