Rupee appreciates against dollar on Wednesday
The rupee ended at 87.47 (Provisional), appreciated by 16 paise from its previous close of 87.63 on Tuesday
Indian rupee appreciated against the US dollar on Wednesday amid a positive momentum in domestic equity markets. Sentiments were upbeat as government data showed India's consumer price inflation eased more-than-expected in July to the lowest level in just over eight years. The inflation below Reserve Bank’s (RBI) tolerance band has raised expectation of another interest rate cut by RBI. On the global front, Japanese yen weakened against other major currencies in the Asian session on Wednesday, as the uncertainty about the likely time of the Bank of Japan's (BoJ) next interest rate hike and the increasing risk-on mood by the investors keeps the safe haven JPY declining.
Finally, the rupee ended at 87.47 (Provisional), appreciated by 16 paise from its previous close of 87.63 on Tuesday. The currency touched a high and low of 87.72 and 87.38 respectively.
