By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Indian Rupee strengthens by 7 paise against US dollar in early trading – News
Share
Notification Show More
Latest News
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto
Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025
Business Crypto
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Indian Rupee strengthens by 7 paise against US dollar in early trading – News
Business

Indian Rupee strengthens by 7 paise against US dollar in early trading – News

News Room
Last updated: 2024/05/22 at 8:09 AM
News Room
Share
4 Min Read
SHARE

The Indian rupee strengthened against the US dollar on Wednesday by 7 paise, reaching 83.24. This increase in value was attributed to a decrease in U.S. Treasury yields before the release of the Federal Reserve minutes, continuing the positive trend that the rupee has seen recently. On Tuesday, the currency closed at 83.3050 against the US dollar, slightly higher than Friday’s rate of 83.3350. The dollar/rupee pair experienced a decline from 83.50 on Friday, further dropping on Tuesday.

Forex traders noted that the rupee faced resistance due to weak sentiment in the domestic equity market and foreign fund outflows. While most Asian currencies showed slight gains, the dollar index and U.S. Treasury yields both saw a decrease as investors awaited the minutes of the Fed’s previous meeting. During that meeting, the Fed hinted towards a possible reduction in borrowing costs while acknowledging the higher inflation readings in the January-March quarter.

Overall, the Indian rupee’s recent appreciation against the US dollar can be attributed to various factors, including the decline in U.S. Treasury yields and the Federal Reserve’s stance on potential interest rate adjustments. As the currency market continues to fluctuate, it is essential for traders and investors to closely monitor global economic indicators and geopolitical events that could impact currency exchange rates. With ongoing developments in the global economy, the Indian rupee’s performance against the US dollar is likely to remain a key area of focus for market participants.

The recent increase in the value of the Indian rupee against the US dollar highlights the currency’s resilience amid changing market dynamics. Factors such as weak sentiment in the domestic equity market and foreign fund outflows have influenced the rupee’s performance in recent trading sessions. With most Asian currencies showing marginal gains and the dollar index slipping slightly, the rupee’s movement against the US dollar reflects the broader trends in the currency market.

Looking ahead, market participants will closely watch for any updates from the Federal Reserve regarding potential interest rate adjustments and its impact on global currency markets. As geopolitical tensions and economic uncertainties continue to shape market sentiment, the Indian rupee’s performance against the US dollar will be closely monitored by traders and investors. By staying informed about key market developments and economic indicators, market participants can make well-informed decisions when trading the Indian rupee and other major currencies.

In conclusion, the Indian rupee’s recent appreciation against the US dollar is a reflection of the currency’s resilience in the face of changing market conditions. With the Federal Reserve signaling a potential change in interest rates and global economic indicators influencing currency exchange rates, the rupee’s performance will continue to be monitored closely by market participants. By staying informed and staying abreast of key market developments, traders and investors can navigate the currency market with confidence and make informed decisions when trading the Indian rupee.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room May 22, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article UAE passengers share their terrifying experience of losing Dh70,000 Rolex during flight
Next Article Parliament urges faster implementation of recommendations by inquiry committees
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE May 27, 2025
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle May 23, 2025
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World May 22, 2025
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto May 22, 2025

You Might also Like

Crypto

Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide

May 22, 2025
BusinessCrypto

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025

May 20, 2025
BusinessGulfUAE

Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World

May 10, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
Business

NTT DATA Business Solutions Expands Presence in UAE with Stronger Regional Leadership

March 28, 2025

Sustainable Moving Services: How Dubai’s Moving Companies Are Going Green

February 20, 2025
Tech

CNTXT and Oracle Strengthen AI Collaboration to Drive Innovation

February 14, 2025
Business

Smpl Fund I Invests $250,000 in Qora71, Supporting AI and Tech Entrepreneurs in MENA

February 4, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?