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Rupee surges to highest level in August; ends 40 paise higher at 86.95/$
The domestic currency closed 40 paise or 0.45 per cent higher at 86.95 against the dollar on Tuesday, according to Bloomberg. During the day, it rose to the 86.92 level but pared some gains at the end. During the year so far, the currency has depreciated by 1.57 per cent.
The gain in the currency was fuelled by the Centre's proposal to ease the complex GST system into two slabs of 5 per cent and 18 per cent, with a 40 per cent bracket reserved for sin goods. In his Independence Day speech, the prime minister had promised 'a double Diwali'.
Rupee marked a strong positive move after S&P upgraded India's economic outlook following PM Modi's GST reduction announcement, Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.
While US tariffs remain a concern, the S&P upgrade reflects confidence in India's economic development. Additionally, positive triggers emerged from India-Japan ties ahead of PM Modi's visit to Japan on August 29, further improving sentiment, he added. "With FIIs showing reduced selling pressure, the rupee is expected to trade in a range of 86.60-87.25."
The unwinding of long dollar positions and support from the Reserve Bank of India (RBI) prevented the currency from hitting a new record low after coming close two weeks ago.
The Rupee today also shrugged off any major impact from the rising dollar, which climbed to 98.21 on Tuesday as Trump hosted talks on ending the war in Ukraine and traders cut bets on a September rate cut ahead of Federal Reserve Chair Jerome Powell's speech.
The dollar index, a measure of the greenback against a basket of six major currencies, was up 0.15 per cent at 98.02.
In commodities, crude oil prices were trading lower on optimism over trilateral talks with Russia. Brent crude price was down 0.92 per cent at 65.99 per barrel, while WTI crude prices were lower by 0.98 per cent at 62.8, as of 3:45 PM IST.
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