On Tuesday, ahead of the Federal Reserve’s policy meeting, the rupee edged marginally higher to INR 68.51 against the US dollar.
According to the data which was released on Tuesday morning, today for DH1 the base rate of Indian rupees will be INR 18.62 which is comparatively low as the expats sending money home showed that in March for each Dhiram the rate was as high as INR 19.33 while in February the rate was INR 19.48 per dirham.
On Monday, the currency had surged by 57 paise to close at an over seven-month high of INR 68.53 against the US dollar. At the same time, it marked a sixth straight session of gains, driven by sustained foreign fund inflows and narrowing trade deficit. Since August 1, 2018, the rate has been recorded as the highest closing rate for the rupee as it ended at 68.43.
Against the US dollar, the rupee has appreciated by 161 paise in the last six trading sessions. It is being expected by the analysts the appreciation will continue during the rest of the month.
Forex dealers stated that Besides the greenback’s weakness against some currencies overseas, increased selling of the American currency by exporters as well as banks supported the rupee. A higher opening in the domestic equity market influenced the currency’s movement, they added.
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