Rupee Snaps Five-Day Losing Streak — The Indian rupee halted five-day losing streak in today’s trade. It rose nine paise against the U.S. dollar to 65.12 in early trade at the interbank forex market today amid weakness in the greenback after the U.S. Fed raised benchmark lending rate by 25 basis points.
The central bank’s Chairman Jerome Powell forecast a steeper path of rate hikes in 2019 and 2020, citing improving economic outlook.
Forex dealers said persistent inflows of foreign funds and weakness in the dollar against other currencies overseas supported the domestic unit.
