Rupee Gains 9 Paise to 83.88 Against US Dollar Amid Weak American Currency

Wednesday, 28 August 2024, 23:50

American currency weakness helped the rupee gain 9 paise to 83.88 against the US dollar. Forex traders are closely monitoring US GDP data and PCE inflation, which could influence Federal Reserve rate decisions. In early trade, the rupee opened at 83.92 before strengthening to 83.88.
Telanganatoday
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.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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