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Rupee strengthens on bouts of dollar-selling from banks, exporters

09 Sep 2022 Evaluate

Indian rupee strengthened against the US dollar on Friday on bouts of dollar-selling amid positive domestic equities and a pullback in crude oil prices. Local currency took support with report that India and US will 'very soon' hold the next ministerial-level meeting of the Trade Policy Forum (TPF) in America to discuss ways for promoting trade and investment between the countries. The forum is an inter-agency collaboration led by the US Trade Representative (USTR). Sentiments were also upbeat after Finance Minister (FM) Nirmala Sitharaman said India has ramped up the import of crude oil from Russia at discounted prices amid sanctions on Moscow. She said India ramped up its import from Russia from about 2 per cent of the total shipment of petroleum products to 12-13 per cent in a couple of months as part of inflation management. On the global front, sterling jumped against the dollar on Friday, as most majors fought back against the greenback's recent strength, capping a volatile week in which the pound hit a 35-year low, Britain saw a new prime minister, and Queen Elizabeth passed away.

Finally, the rupee ended at 79.57 (Provisional), stronger by 12 paisa from its previous close of 79.69 on Thursday. The currency touched a high and low of 79.66 and 79.47 respectively.

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