Rupee gains by another 7 paise
DSIJ Intelligence / 03 Aug 2017
Continuing its stellar show, the rupee gained 7 paisa at Rs 63.63 on Thursday against the US dollar.
Continuing its stellar show, the rupee gained 7 paisa at Rs 63.63 on Thursday against the US dollar.
Earlier on Wednesday, the rupee ended at a fresh two-year high of 63.70 after the RBI set the platform by lowering the repo rate by 0.25%, which was also the best closing for the home currency since July 22, 2015, when it had ended at 63.58 against the US dollar.
According to market experts, besides plunging dollar value, the rupee has a lot of positive factors supporting its outlook at this juncture and is likely to outperform in the region driven by the government’s economic policy initiatives and heavy capital inflows.
The dollar has been hitting fresh lows against all major world currencies and losing fast its most preferred asset tag on a combination of underwhelming US economic data and political uncertainty amid subdued outlook for US rate hikes.
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