MUMBAI: The Indian rupee continued its upward trajectory, appreciating by 2 paise to close at 83.01 against the US dollar on Thursday. This marks the seventh consecutive session of gains for the local currency, accumulating a total rise of 31 paise since January 2 when it was recorded at 83.32 versus the dollar.
The positive performance of the rupee is attributed to its alignment with Asian currencies and the buoyancy in the domestic equity market. In the interbank foreign exchange market, the rupee opened at 83.05, fluctuating between a high of 82.93 and a low of 83.08 against the greenback throughout the day’s trading.
Analysts suggest that the sustained appreciation of the rupee reflects optimism in the market, supported by favorable global cues and improving economic sentiments. The currency’s resilience is expected to be closely monitored in the coming sessions as it navigates the dynamics of the international currency market.
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