INR adds steady momentum amid a weak dollar overseas
Mumbai, July 31 -- The Indian rupee added momentum in opening trades on Friday tracking a sharp drop in dollar overseas. INR opened at Rs 95.40 per dollar and hit a high of 95.25 so far during the day. Yesterday, the counter closed at 95.50. DXY fell over 1% to 99.71, the lowest since in around six weeks late yesterday triggered by a combination of a massive, suspected currency intervention by the Japanese Government to prop up the yen, cooling U.S. inflation data, and market skepticism over the Federal Reserve's monetary policy stance. Meanwhile, investors also assessed the Federal Reserve's decision to leave rates unchanged and monitored escalating tensions in the Middle East. The benchmarks opened slightly higher, backed by continued f...
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