FXNEWS24 |Indian rupee strengthens to 83.59 per US dollar amid corporate sales

The Indian rupee strengthened to 83.59 per US Dollar due to sales of the greenback from local corporates and inflows in local stocks and bonds. These

The Indian rupee strengthened to 83.59 per US Dollar due to sales of the greenback from local corporates and inflows in local stocks and bonds. These flows are seen after the US Federal Reserve cut interest rates last week, and in speculation of another rate cut by the US in November, currency dealers said.

The Indian rupee strengthened 8 paisa, and ended at 83.59 per US dollar on Thursday versus the previous close of 83.67/$1, LSEG data showed.

During the day, the currency strengthened to a high of 83.51/$1 post which the Reserve Bank of India likely bought dollars to cap the appreciation of the currency, dealers said.

“There have been good inflows in bonds and in equities which have aided the rupee, but once it touched 83.51/$1, I think the RBI may have intervened”, said a currency dealer with a public sector bank.

The stated position of the RBI is that it intervenes in the currency market to prevent excess volatility and does not target particular levels in the exchange rate.

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After the Fed cut last week and a softer dollar, market participants now await remarks from the officials of the US Federal Reserve are in focus this week with Fed chair Jerome Powell scheduled to speak on Thursday along with a few other officials.Likelihood of the Fed delivering another 50 basis point rate cut in November are at 60%, according to CME FedWatch tool

m.economictimes.com

Indian rupee strengthens to 83.59 per US dollar amid corporate sales

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