Rupee hits six-month high of 82.72 against US dollar

Rupee hits six-month high of 82.72 against US dollar

The Indian rupee has surged to its highest level in six months, reaching 82.72 against the US dollar. This upward trend marks India’s currency as the best performer in Asia this year. The momentum continues as foreign investors maintain their interest in local bonds ahead of India’s inclusion into global debt indexes.

A decline in the US dollar, prompted by soft US jobs data and remarks from Federal Reserve Chair Jerome Powell during congressional testimony, has further bolstered currencies across emerging Asian markets.

On Thursday, the rupee strengthened by 0.1% to 82.7250 per dollar, marking its highest value since September 4. With a 0.5% increase since the beginning of the year, the rupee is poised for a robust performance in 2024, unlike its Asian counterparts which have experienced declines.

Anindya Banerjee, a currency analyst at Kotak Securities, attributes the rupee’s upward trajectory to a combination of factors including corporate repatriation flows, substantial inflows in the debt market, and the weakening of the dollar.

This surge coincides with global investors injecting $5 billion into Indian bonds this year, with government securities attracting the majority of these investments.

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