Rupee at its highest level in almost three weeks while tracking broad dollar losses

On Friday, the Indian rupee rose to its highest level in almost three weeks, tracking broad dollar declines as worries about the necessity for the U.S. Federal Reserve to continue aggressive interest rate hikes subsided.

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On Friday, the Indian rupee rose to its highest level in almost three weeks, tracking broad dollar declines as worries about the necessity for the U.S. Federal Reserve to continue aggressive interest rate hikes subsided.

After closing at 79.7550 on Thursday, the partially convertible rupee was trading at 79.40/41 to the dollar by 9:15 am. It increased to a high of 79.3925 in early trading, its highest level since July 11.

In addition to a steep decline in Treasury yields, the dollar’s value versus the yen remained close to a six-week low as investors saw the slowing U.S. economy as yet another justification for the Federal Reserve to ease up on its tightening policy.

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