Rupee Reaches Three Month High Against The US Dollar, Strengthens To Sub-70 Level

Rupee Reaches Three Month High Against The US Dollar, Strengthens To Sub-70 LevelIndian rupees and US dollars

The Indian Rupee strengthened over 50 paise to reach a sub-70 level in Thursday’s trade (29 November) as the dollar weakened against major world currencies on overnight dovish remarks from US Federal Reserve Chairman Jerome Powell, Economic Times has reported.

At 10.03 am, the rupee was trading at 69.95 against the dollar, up 0.93 per cent. This was the first time that the rupee breached the 70-mark since August this year.

The Rupee opened the day higher by 51 paise at 70.11 per dollar versus Wednesday's closing (28 November) of 70.62. It has appreciated by 6 per cent from its all-time low of 74.48 per dollar.

The Indian Rupee strengthened after Federal Reserve Chairman Jerome Powell said that the Fed’s series of rate increases had brought the policy to “just below” the range of neutral estimates. This was globally taken as a sign of rate hike cycle nearing its end.