Rupee strengthens to 84.48 amid positive trade deal sentiment
Mumbai: The Indian rupee appreciated to its
strongest level since November
29 to close at 84.48/$1 on Wednesday, due to inflows into Indian equities, a pick-up in dollar sales by exporters and unwinding of long dollar positions, traders said. The rupee was stronger by 0.9% on the day, where it had previously closed at 85.26, LSEG data showed
The rupee strengthened despite border tensions with Pakistan, and positive sentiment surrounding a potential trade deal between India and the US aided the rupee. The
dollar index
was at 99.4.
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Exporters hedging their exposure as the currency strengthened past key levels of 84.70 catalysed rupee's upward movement as stop losses were hit for many banks, traders said.
Wednesday's sharp gain of over 0.60% was primarily fueled by optimism surrounding a potential trade deal between the US and India, which lifted market sentiment further. Additionally, the rupee broke a crucial technical level at 85, prompting exporters to hedge their forex exposure and sell US dollars, thereby accelerating the local currency's rise," said Sugandha Sachdeva, founder of SS WealthStreet - a New Delhi-based research firm.
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