The Rupee continues its winning streak against the Dollar, helped by RBI’s measures to curb speculation and volatility in the forex market.
The Indian currency opened stronger, below the 95 level, on Thursday at 94.91 per US Dollar, up 24 paise against the previous close of 95.15. The Rupee is currently trading at 94.9325.
Overall, in the last four trading sessions, beginning last Friday (October 9) till Wednesday (October 14), the Rupee has gained 163 paise against the Dollar.
According to Amit Pabari, MD, CR Forex Advisors, the rupee has been making its point quietly, but firmly. USD-INR extended its rally to a fourth consecutive session. This is the sharpest move since the Hormuz crisis began.
“Despite stronger inflation and rising yields in the US, the dollar struggled to sustain its gains. When supportive data fails to lift the dollar further, the rupee gets room to recover.
“A sustained break below 94.80 could open the door to another 50–75 paise of appreciation. And the reduced direct dollar demand from oil companies could support the momentum,” Pabari said.