Rupee spurts by 41 paise to close at nearly two-week high of 76.20
The rupee spurted by 41 paise to close at a nearly two-week high against the US dollar on Wednesday, tracking positive domestic equities and Asian currencies ahead of the US Federal Reserve's decision on interest rate hike.
FII inflows into capital markets and crude oil prices retreating to USD 99 per barrel level boosted the rupee sentiment, forex traders said.
At the interbank forex market, the local unit opened strong at 76.40 against the greenback and witnessed an intra-day high of 76.19 and a low of 76.44.
The rupee settled at 76.21, registering a rise of 41 paise over its previous close of 76.62.
"Rupee appreciated against US dollar taking cues from stronger Asian currencies and risk-on moods. Forex markets are little tepid ahead of Wednesday's Fed decision while US 10-year bond yields retraced after touching 2.20 per cent, the highest level since 2019," said Dilip Parmar, Research Analyst, HDFC Securities.
The US Federal Reserve likely to raise rates by 25bps, as well as ..