Indian rupee Vs dollar today: Rupee rises as USD fades after Fed raises lending rate
Indian rupee was trading at 65.115 higher by 0.040 points or 0.06% against US dollar.
After witnessing decline in two previous trading session, Indian Rupee on Thursday, surged against US benchmark dollar index, amid weakness in the greenback after the US Fed raised benchmark lending rate by 25 bps. However, it needs to be noted that rupee has been trading above 65-mark for four consecutive trading session, even touching over 5-month high against dollar.
At around 1008 hours, Indian rupee was trading at 65.115 higher by 0.040 points or 0.06% against US dollar. The American unit extended losses in overseas market, after when the US Federal Reserve remained firm on its target for interest rate hikes this year.
The central bank's Chairman Jerome Powell forecast a steeper path of rate hikes in 2019 and 2020, citing improving economic outlook, as per PTI report.
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Forex dealers reportedly said persistent inflows of foreign funds and weakness in the dollar against other currencies overseas supported the domestic unit.
In previous day, the rupee had ended almost flat at 65.21 against the US dollar.
Meanwhile, FPI on Wednesday made gross purchase of Rs 6881.17 crore, and sold about Rs 5807.79 crore, witnessing an outflow of Rs 1073.38 crore together in equity, debt and hybrid market, as per NSDL data.
Moreover, Sensex was trading at 33,259.78 higher by 123.60 points or 0.37%, while Nifty 50 was below 25.30 points or 0.25%, trading at 10,180.55.