Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Money / Rupee up as US rate cut expectations weigh on dollar
BackBack

Rupee up as US rate cut expectations weigh on dollar


Rupee up as US rate cut expectations weigh on dollar

Premium

Mumbai: The rupee climbed on Wednesday as prospect of further interest rate cuts by the US Federal Reserve weighed on the dollar, after US data showed further signs of weakness in the world’s biggest economy.

At 9:05 am the rupee was at 39.81/82 per dollar, moving up from the previous finish of 39.905/915. It fell to a five-month low of 40.25 last week.

The dollar sank to a record low against the euro on Wednesday, breaking the psychologically important $1.50 level, while Asian stocks rose for a third day as a $15 billion share buyback plan by IBM boosted investor confidence.

Capital inflows into the stock market have been a key driver for the local unit in recent months. Foreigners have bought more than $1 billion of stocks so far this month after selling about $4.3 billion in January.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 27 Feb 2008, 10:18 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App