Rupee surges as foreign banks make dollar sales, likely for FPI flow

Weaker dollar index, unwinding of offshore/onshore trades boost Indian currency

Premium

The domestic currency was also boosted by a weaker US dollar index

Bhaskar Dutta Mumbai
The rupee strengthened sharply against the US dollar in late trade on Wednesday, gaining 52 paise as some foreign banks sold the greenback, likely on account of overseas investment into domestic markets, traders said.

The domestic currency closed at 81.25 per US dollar as against 81.77 at previous close, Bloomberg data showed. In 2023, the rupee has appreciated 1.8 per cent against the US dollar.

The domestic currency was also boosted by a weaker US dollar index as investors anticipate a slowdown in the pace of the Federal Reserve’s rate hikes, given data showing easing inflation in the

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jan 18 2023 | 5:04 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com