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Indian Rupee Starts Strong, Opens at 83.30 Against US Dollar

The Bhartiye currency had a good start on December 14, going up against the US dollar. It was trading at 83.30 rupees per dollar at 9:10 am, showing a 0.13 percent increase from its previous closing value of 83.40 rupees.

Editor Ritam English by Editor Ritam English
Dec 14, 2023, 12:22 pm IST
Indian Rupee Starts Strong, Opens at 83.30 Against US Dollar

Indian Rupee Starts Strong, Opens at 83.30 Against US Dollar

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The Bhartiye currency had a good start on December 14, going up against the US dollar. It was trading at 83.30 rupees per dollar at 9:10 am, showing a 0.13 percent increase from its previous closing value of 83.40 rupees.

The reason behind this positive movement was signals from the US Federal Reserve. They hinted at a possible decrease in interest rates in the coming year. Following a two-day monetary policy meeting, the Federal Reserve revised some key forecasts. The median fed funds target rate for 2024 dropped to 4.6 percent from 5.1 percent, and for 2025, it was adjusted to 3.6 percent from 3.9 percent. Inflation projections also changed, settling at 2.4 percent for both PCE and core PCE. The GDP growth forecast for 2024 was adjusted from 1.5 percent to 1.4 percent.

A trader mentioned that looking forward, there are expectations for stronger performances in emerging market equities and currencies. This suggests the potential for the Bhartiye currency to strengthen amid these global shifts.

Other Asian currencies were also on the rise. The South Korean won saw a 2 percent increase, the Indonesian rupiah gained 1.1 percent, and several others, including the Taiwan dollar, Malaysian ringgit, Japanese yen, Philippines peso, China Renminbi, Thai Baht, and Singapore dollar, showed positive movements as well.

To gauge the overall strength of the US dollar, investors often refer to the dollar index, which measures its performance against major currencies. On this day, the dollar index was at 102.58, showing a 0.28 percent decrease from its previous closing value of 102.869.

Tags: PhilippinesSingaporeUS dollarIndonesiaMalaysiaSouth KoreachinaThailandJapanIndian rupee
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