The rupee notched up firm gains against the dollar on Wednesday, closing at its strongest level since September 30, as weakness in the greenback ahead of the results of US midterm elections and resumption of overseas investment in stocks bolstered the local currency.
The rupee settled at 81.43 per US dollar as against 81.92 per dollar at previous close. So far, in the current calendar year, the rupee has depreciated 8.7 per cent against the US dollar.
With the US dollar index taking a tumble late last week, the rupee has enjoyed a strong run against the greenback, gaining 1.8 per cent - 146p since November 3. During the period, the rupee has fared better than 10 other emerging market currencies, Bloomberg data showed.
So far in November, foreign portfolio investors have net purchased $2.3 billion of domestic stocks, snapping two months of net sales, NSDL data showed.
This story is from the November 10, 2022 edition of Business Standard.
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This story is from the November 10, 2022 edition of Business Standard.
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