Currency Buzz: INR Spurts As Dollar Weakens Ahead Of FOMC

16 Mar 2022 , 06:16 PM

Improving risk sentiment aided gains in the Indian rupee that spurted by 42 paise to a nearly two-week high of 76.20 against the US dollar on Wednesday. Positive domestic equities and Asian currencies ahead of the US Federal rate hike decision, easing crude oil prices and weak dollar overseas pushed rupee higher. At the interbank forex market, the local unit opened at 76.40 against the greenback and witnessed an intra-day high of 76.19 and a low of 76.44. The rupee quoted at 76.20, registering a rise of 42 paise over its previous close of 76.62. Meanwhile, the US dollar came under pressure, lingering near 98.60 levels ahead of the FOMC event later in the global day.

Powered by Commodity Insights