India’s rupee rises to 3-month high against USD
by ChemOrbis Editorial Team - content@chemorbis.com
The Indian rupee extended its gains against the US dollar on November 29 and hit a three-month high, the media reported.
The currency breached below the INR70 mark for the first time since August, trading at INR69.95 against the greenback.
The rise in the Indian rupee was spurred by remarks from the US Federal Reserve (Fed) Chairman, which suggested that the US central bank’s benchmark interest rate is near a neutral level. Economists argued that the positive market sentiment amid the planned high-stakes meeting between the US-China during G20 Summit as well as lower crude oil prices also supported the currency’s gains.
Indonesian rupiah, South Korean won, Philippine peso, Japanese yen, Taiwanese dollar, Malaysian ringgit, Chinese yen and Singaporean dollar have also strengthened against the US dollar.
The currency breached below the INR70 mark for the first time since August, trading at INR69.95 against the greenback.
The rise in the Indian rupee was spurred by remarks from the US Federal Reserve (Fed) Chairman, which suggested that the US central bank’s benchmark interest rate is near a neutral level. Economists argued that the positive market sentiment amid the planned high-stakes meeting between the US-China during G20 Summit as well as lower crude oil prices also supported the currency’s gains.
Indonesian rupiah, South Korean won, Philippine peso, Japanese yen, Taiwanese dollar, Malaysian ringgit, Chinese yen and Singaporean dollar have also strengthened against the US dollar.
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