Rupee Monday’s 81.88. rose to $ 81.54 per dollar from the close of
The rupee strengthened sharply against the dollar in the previous session, following Britain’s decision to take a U-turn on its tax-cut proposal and slightly lower hopes for stronger central bank action following aggressive rate hikes in the data. reflecting on the global economy.
According to Bloomberg, the rupee was changing hands at 81.54 per dollar after opening at 81.65, compared to its previous close of 81.88, and below its record low of 81.95 against the greenback.
The rupee rose 30 paise to tentatively close at 81.52 against the US dollar, PTI showed.
The dollar fell against a basket of major currencies as Treasury yields fell as the euro and pound advanced further and investor expectations for the direction of US interest rates eased.
US benchmark 10-year rates fell nearly 20 basis points to about 3.6 per cent on Monday, from a peak of 4.0 per cent last week.
Deutsche Bank strategist Jim Reid said, “Of note, this move was driven entirely by the decline in real yields on the day that inflation declined, which is again a sign that investors are in a far less aggressive response from the Fed. Determining.” said in a daily note, Reuters reported.
Other indicators of market tension are still flashing red, suggesting wild changes in global financial markets, especially currency trading.
“More volatility is almost certainly certain as FX markets refocus on US recession risks,” Miles Workman, senior economist at ANZ, told Reuters on Friday, referring to the next major data point on the horizon. continues.”