Indian Rupee Appreciates 1.2% Against The U.S. Dollar
Rupee opened at 80.69, appreciating 1.36% against the U.S. dollar.
The Indian rupee appreciated sharply against the U.S. dollar on Friday, tracking a falling dollar after U.S. inflation came in lower than expected in October.
The local currency opened at 80.69, appreciating 1.36%.
During the day, it gained as much as 1.5% to 80.58. It strengthened 1.2% to end at 80.82.
The rupee had hit a record low of 83.29 on Oct. 20.
"It was well known that the crucial U.S. inflation numbers for October will sway the market either up or down depending on the trajectory of inflation," said VK Vijayakumar, chief investment strategist at Geojit Financial Services in a pre-market note. "Now that the inflation print — both CPI and core — has come below expectations, the direction of the markets is a foregone conclusion."
"Since the dollar is weakening, FIIs are likely to increase their buying [of Indian stocks]," he said.