Rupee gains 11 paise to 95.17 against dollar after Fed holds interest rates
The Indian Rupee strengthened against the US dollar following the Federal Reserve's decision to keep interest rates unchanged. Despite the gain, the currency remains under pressure from high crude oil prices and firm US yields.
Why it matters
Currency fluctuations impact inflation and import costs for the Indian economy, making this a key indicator for investors and policymakers.
NEW DELHI: Rupee strengthened against the US dollar in early trade on Thursday, rising 11 paise to 95.17 after the American currency softened following the US Federal Reserve's latest policy decision. The currency opened at 95.20 at the interbank foreign exchange market before moving higher. It had settled at 95.28 against the dollar in the previous session.The US central bank kept its interest rates unchanged in the 3.75 per cent–4.00 per cent range, as expected. Despite the widely anticipated decision, the market response was mildly negative for the dollar, forex traders said.The rupee continues to face pressure from elevated crude oil prices and firm US yields.
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