Thursday, May 23, 2024

Ads by Google

Ads by Google

HomeNewsRupee hits six-month high of 82.72 against US dollar

Rupee hits six-month high of 82.72 against US dollar

Mar 07, 2024 01:02 PM IST

A weaker dollar spurred by a batch of soft US jobs data and congressional testimony by Federal Reserve Chair Jerome Powell supported emerging Asian currencies.

India’s rupee climbed to a six-month high, extending a rally that’s made it Asia’s top-performing currency this year, as foreigners continued their purchases of local bonds ahead of the nation’s inclusion into global debt indexes.

Rupee has advanced 0.5% so far this year, becoming Asia’s top-performing currency in 2024
Rupee has advanced 0.5% so far this year, becoming Asia’s top-performing currency in 2024

Read more: Gold price rises in India: Check 24-carat rate in your city on March 7. Should you buy?

A weaker dollar spurred by a batch of soft US jobs data and congressional testimony by Federal Reserve Chair Jerome Powell also supported emerging Asian currencies.

Hindustan Times – your fastest source for breaking news! Read now.

Read more: Stocks to buy: Tata Steel, Bharti Airtel hit 52-week high. List of major gainers and losers

The currency gained 0.1% to 82.7250 per dollar on Thursday, the highest since September 4. It has advanced 0.5% this year, setting the stage for a strong 2024, while all other Asian peers have declined.

Read more: IIFL Finance share price jumps 8% after Fairfax liquidity support: Top updates

A combination of “corporate repatriation flows, heavy inflows in the debt market and also weakness in the dollar,” is driving the rupee higher, said Anindya Banerjee, currency analyst at Kotak Securities.

The advance came as global investors plowed $5 billion into Indian bonds this year, with government securities luring the bulk of the flows.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it’s all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs