Rupee at highest in almost 3 weeks, tracks broad greenback losses – Occasions of India

MUMBAI: The Indian rupee strengthened to its highest in almost three weeks on Friday, monitoring broad losses within the greenback on easing considerations over the necessity for continued aggressive rate of interest hikes by the U.S. Federal Reserve.
The partially convertible rupee was buying and selling at 79.40/41 to the greenback by 0345 GMT, from Thursday’s shut of 79.7550. In early commerce it rose to a excessive of 79.3925, its strongest since July 11.
The greenback languished close to a six-week low towards the yen amid a pointy retreat in Treasury yields after buyers interpreted a shrinking US financial system as another reason for the Federal Reserve to ease off the tightening pedal.
Most Asian currencies additionally rose towards the greenback.