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Indian rupee appreciates against US dollar
Sep-16-2024

Indian rupee appreciated against the US dollar on Monday supported by weak American currency and significant foreign fund inflows, while firm crude oil prices capped sharp gains. Foreign Portfolio Investors (FPIs) continued their bullish stance on Indian stocks, infusing Rs 16,881.03 crore in the second week of September, according to data from the National Securities Depository (NSDL). Some support also came as India’s foreign exchange reserves have been rising for months now, hitting several all-time highs. The forex kitty increased by $66 billion so far this year and is currently at $689.235 billion. On the global front, dollar was lower on Monday while the yen hit its highest level in more than a year, as market participants increasingly expected an oversized rate cut by the Federal Reserve later this week.

Finally, the rupee ended at 83.88 (Provisional), stronger by 4 paise from its previous close of 83.92 on Friday. The currency touched a high and low of 83.90 and 83.87 respectively.

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