Rupee gains 21 paise at 69.47/$

On Wednesday, the currency had ended on a flat note at 69.68/$.

Jun 20, 2019 04:06 IST India Infoline News Service

The Indian rupee gained on Thursday and appreciated 21 paise to trade at day’s high level of 69.47 against the dollar.

On Wednesday, the currency had ended on a flat note at 69.68/$.

At 10:00 AM, IST, the unit was trading 5 paise higher at 69.64/$.

The appreciation could be attributed to weakness in the greenback against its major peers in the global markets. The American currency dropped to a one-week low level after Federal Reserve slashed their rate outlook for the rest of the year by roughly half a percentage point.
The US Federal Bank in its two-day policy meet ended on Wednesday left rates on hold, however, the policy makers said uncertainties about the economic outlook could force its hand.

Chairman Jerome Powell said others agree the case for lower rates is building.

The stance has disappointed investors, who were expecting the Fed to cut rates as soon as next month.

Meanwhile, equity benchmark indices were trading in the green in Thursday’s morning session with the Sensex rising 80 points at 39,193 levels. The Nifty also rose 21 points at 11,712 levels, well above its key level of 11,700.

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