Indian Rupee Appreciates Against The U.S. Dollar

Indian rupee strengthened 17 paise to open at 82.68 against the U.S. dollar on Tuesday. The Indian rupee strengthened against the U.S. dollar on Tuesday on the back of a possible RBI intervention in the foreign exchange market and a pause in the greenback’s rally.

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Currencies Forecast: US Fed may not yield to market pressure

India’s forex reserves slumped to the lowest in over two years, marking the third straight week of decline as the Reserve Bank of India, true to its word, intervened to keep the rupee from weakening past 80 per dollar during a week when the dollar surged to over two-decade highs.

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