Rupee Opens Lower On Dollar Index Rebound

Rupee Opens Lower On Dollar Index Rebound

26 Jun 2019 09:10 AM
 
USD/INR – The Indian rupee opened lower against the U.S. currency in the wake of the dollar’s recovery against major and regional currencies. The rupee opened at 69.40 to the dollar compared with its previous close of 69.34. The dollar index edged higher in Asia trading on Wednesday, adding to yesterday’s advance of 0.2%. Yesterday, the gauge had fallen to a three-month low on bets of a dovish Federal Reserve. However, safe-haven demand amid a selloff in U.S. equities helped the dollar recover from the lows. Yesterday, Fed Chairman Jerome Powell said that policymakers will be eyeing economic developments closely and once again reiterated his concerns about the world economy. Powell’s comments came after the authority last week indicated that it may cut borrowing costs to support the economy, prompting bets that the Fed fund target rate would come down as early as next month.

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