Rupee appreciates sharply ahead of Fed Chair speech as RBI steps aside

Closes Friday at 73.6950 to the dollar against its previous close of 74.2225, up 0.73 per cent, the highest since June 17

Ahead of the Jackson Hole speech by Fed Chair Jerome Powell, the Indian rupee appreciated on Friday to post its biggest weekly gain in four months in the absence of the Reserve Bank of India (RBI) intervention. Powell said the US Fed could slow bond purchases by the end of this calendar year, but rates will remain soft for some more time. 
 
The rupee closed at 73.6950 a dollar on Friday, against its previous close of 74.2225, gaining 0.73 per cent, highest since June 17. It has gained 1 per cent in the week, most since the week ended