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Saturday, December 2, 2023

Rupee up 71 paise to 80.69 against dollar amid moderating US CPI data


The rupee appreciated 71 paise to 80.69 against the American currency in early trade on Friday, as moderating US CPI data coupled with the fall in the dollar index boosted investor sentiments.
Forex traders said factors like positive domestic equities and weakness in crude oil prices also supported the local unit.
At the interbank foreign exchange, the domestic unit opened at 80.76 against the dollar, then gained further ground to touch 80.69, registering a rise of 71 paise over its previous close.
On Thursday, the rupee appreciated 7 paise to close at 81.40 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.02 per cent to 108.18 on cooling US CPI data.
US headline CPI print came in at 7.7 per cent year-on-year (0.4 month-on-month). Core CPI print which excludes the volatile food and energy components also came in lower at 6.3 per cent year-on-year (0.3 per cent month-on-month), IFA Global Research .


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