Indian rupee snaps four-day losing streak as dollar retreats kitco.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kitco.com Daily Mail and Mail on Sunday newspapers.
After falling 10 per cent against the greenback in 2022, the rupee staged a comeback in 2023 as it appreciated, albeit marginally, on the back of strong portfolio inflows, in addition to timely intervention by the Reserve Bank of India.
The Indian unit appreciated by 0.16 percent in six months until June 28.
The rupee stood in third place in terms of appreciation against the US dollar among the 12 Asian currencies and in 12th place of the 23 emerging-market currencies.
The domestic currency closed at 82.51 per US dollar down 22 paise from the previous day s close. Thursday s level is the weakest closing for the rupee since June 8 while the price action marks the sharpest single-day decline for the rupee since June 5, Bloomberg data showed.
Rupee vs dollar: As exporters took measures to protect their receivables, forward premiums declined from a recent peak of 1.87 per cent to 1.60 per cent, dealers said
The Indian rupee ended slightly lower against the US dollar on Tuesday due to dollar demand from importers, compared to its previous session close of 81.9575, despite hitting a high of 81.75, credited to anticipated dollar inflows. The Reserve Bank of India does not want to appreciate the currency too much and so has kept it within a range. Meanwhile, the Chinese yuan was supported by the central bank to prevent depreciation, while U.S. Federal Reserve data expected on Wednesday may influence its next rate decision.