Again Rupee Rises 14 Paise Against US dollar in Early Trade

Business

New Delhi :The rupee on Thursday appreciated by 14 paise to 70.32 against the US dollar in early trade amid weakness in the American currency on uncertainty over Federal Reserve rate hikes following the release of Fed meet minutes.

Forex traders said the weakness in the US dollar against other currencies overseas, falling crude oil prices and fresh foreign fund inflows pushed the rupee higher.

The minutes of US Fed’s latest policy meeting showed the policymakers may slow the pace of rate hikes to prevent a slowdown in the economy.

At the Interbank Foreign Exchange, the rupee opened weak at Rs 70.49, but soon appreciated to 70.32 against the greenback, up 14 paise over its previous closing price.

The rupee on Wednesday had depreciated by 25 paise to close at 70.46 against the US dollar.

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