The Indian rupee rebounded from record lows, gaining 19 paise to close at 82.94 (provisional) against the US dollar as the greenback retreated from its highs. Despite foreign investors selling amid global market risk aversion, the rupee’s appreciation was attributed to a weak US dollar and positive domestic markets. The decline in crude oil prices further supported the rupee. Analysts expect cautious trading due to the upcoming BRICS summit and Jerome Powell’s speech at the Jackson Hole Symposium. While the US dollar is anticipated to recover due to the hawkish US Federal Reserve and FIIs’ selling pressure, improved global risk appetite might help the rupee.
The rupee gains 19 paise to settle at 82.94 per dollar
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