Rupee climbs to 10-week high

Rupee climbs to 10-week high

Mumbai, Aug 27: The Indian rupee on Friday rose to a level not seen in over 10 weeks, surging 53 paise to close at 73.69 against the US dollar taking cues from bullish equities ahead of the key speech from US Federal Reserve Chair Jerome Powell.

At the interbank forex market, the local unit opened strong at 74.17 against the greenback, then gained strength and settled for the day at 73.69, higher by 53 paise over its previous close of 74.22. This is the best closing level for the rupee since June 16 this year. The domestic unit moved in a range of 73.69 to 74.20 in the day trade.

On a weekly basis, the rupee has appreciated 70 paise against the American crisis. "The Indian rupee marked single biggest day gain after April 16, 2021 on back of month-end rebalancing and foreign fund inflows ahead of the Jackson Hole symposium later tonight," said Dilip Parmar, Research Analyst, HDFC Securities.

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