Rupee Gains 9 Paise to 83.88 Against US Dollar Amid Weak American Currency
Rupee Gains Ground
The rupee appreciated 9 paise to 83.88 against the US dollar during morning trade on Thursday, bolstered by the weakness of the American currency in the overseas market.
Market Insights
Forex traders indicated that the market is eagerly awaiting cues from the upcoming US GDP and US Personal Consumption Expenditure (PCE) inflation data. This data is crucial as it could have significant implications on the Federal Reserve's decision regarding a potential 25 or 50 basis point rate cut at their September meeting.
Current Exchange Trends
On the interbank foreign exchange market, the local currency opened at 83.92 against the US dollar and appreciated to 83.88, marking a 9 paise rise from the previous close. The rupee had settled at 83.97 against the American currency on Wednesday.
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