How Rupee Managed to Make a Comeback Against the Dollar Today

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How Rupee Managed to Make a Comeback Against the Dollar Today
Credit: © Reuters.

By Malvika Gurung

Investing.com -- After falling for three consecutive days, the Indian rupee appreciated by 26 paise at 75.26 against the US dollar ( USD/INR ), as trade opened on Wednesday.

A day prior, the rupee had depreciated to end at 75.52 against the USD, as the market closed. This depreciation came due to the strong dollar in global markets, along with soaring oil prices.

On Wednesday however, positive macroeconomic data and spikes recorded in the Indian benchmark indices, in conjunction with a weaker hold of the greenback in overseas markets are factors contributing to an appreciation in the Indian rupee value against the USD.

Furthermore, the INR opened at 75.29 against the USD and then to 75.26, registering an overall appreciation of 26 paise compared to Tuesday’s close.

Additionally, the retail inflation as measured by the CPI recorded a five-month low of 4.35% in September 2021, from 5.3% in August, reported the National Statistical Office on Tuesday, as the prices of vegetables, eggs and other food items ease down.

Similarly, the improving performances of industrial, mining and manufacturing activities have led to a spur in the index of industrial production (IIP) to 11.9% in August 2021, soaring for the sixth consecutive month.

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  • Suchit Halbe @Suchit Halbe
    Malvika i dont what you are talking? The simple reason for appreaciate in rupee was oil down by 1% and us yields down to 1.55 from 1.61. You are giving hell lot of reasons from your fantasy world
    Like 4
  • F.M. Lakhani @F.M. Lakhani
    Yesterday closing above 75.45 was crucial but didn't happened in international market . This is the main reason.
    Like 1
    • F.M. Lakhani @F.M. Lakhani
      I had posted the same research in comment under article of Param Sharma but it was deleted ! Now onwards I will keep screenshots .
      Like 2
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