Rupee rises 10 paise to settle at 83.66 against US dollar

September 19, 2024 19:11

The rupee strengthened by 10 paise to hit its two-month high level of 83.66 against the US dollar on Thursday after the US Federal Reserve cut the benchmark interest rate by 0.50 percent, boosting investors' sentiment.

Forex traders said massive buying in domestic equities and inflow of foreign funds also supported the local unit.

At the same time, some initial gains in the American currency post Fed's announcement failed to resist recessionary fear in the world's largest economy.

Moreover, an upward movement in the crude oil prices, capped the rise in the local unit, they added.

At the interbank foreign exchange market, the Indian currency opened at 83.70 and touched the intra-day high of 83.56 against the greenback.

During the session, it touched the lowest level of 83.73 against the dollar. -- PTI

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