INR Gains Under 82.70 Per US Dollar Mark

The Indian rupee continued to add to its recent gains as weakness in the US dollar on rising hopes of a Federal rate cut sometime this year is benefitting the local currency. INR broadly gained in last few days, adding to the strength seen after breaking under 83 per US dollar mark. INR added around 15 paise on the day to close at 82.68 per US dollar. The currency hit 82.67 per US dollar in intraday moves its highest mark in six months. The dollar index has eased following the Fed Chief Jerome Powells statement that it will likely be appropriate for the Fed to begin lowering interest rates at some point this year. The US dollar index has eased near 103 mark plunging to around one month low.

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