Rupee Surge
The Indian rupee’s surge to a two-month high on Thursday signals a broader shift in the global economic landscape, influenced not just by domestic factors but by international dynamics as well.
The rupee depreciated 9 paise to 64.92 against the US dollar in opening trade on Thursday on fresh demand for the greenback from importers and banks.
Also, foreign capital outflows amid a lower opening in the equity market weighed on the domestic units.
However, weakness in the US dollar against select currencies on lingering worries of a global trade war limited the fall in rupee, dealers said.
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The domestic unit fell 9 paise to 64.92 in opening session.
Yesterday, it had ended higher by 6 paise at 64.83 against the dollar as the American unit weakened against major currencies following US inflation data and Secretary of State Rex Tillerson’s exit.
Meanwhile, the benchmark BSE Sensex was trading lower by 66.48 points, or 0.19 per cent, at 33,769.26 in opening deals.
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