The rupee is trading at around 63.97, up by 0.45%. It has extended its early gains and is now trading at its highest level since August 15, 2015.
The rupee’s appreciation comes as good news for the importers and bad news for the exporters in the country. Many export-oriented sectors like Information Technology, Pharmaceuticals and Textiles would lose the most on rupee appreciation.
The traders in the currency markets are cautious ahead of Trump’s corporate tax policies. Meanwhile, the Asian currencies were trading higher, including, Taiwan dollar, which was up by 0.34%, Singapore Dollar up by 0.11%, Japanese yen fell by 0.14% and Hong Kong Dollar fell by 0.04%.
The dollar index which measures the US currency’s strength against major currencies in the world was trading slightly higher by 0.01% at 98.78.