INR holds gains near 6-week high
Mumbai, Oct. 19 -- The Indian rupee extended upside on Monday to a six-week high as oil prices extended decline and RBI measures continue to support. Rupee also gained momentum as dollar pulled back and US 10-year Treasury yield slipped to around 5.06%, hovering near four-week lows as dovish signals from Federal Reserve Chair Kevin Warsh prompted traders to dial back bets on an October rate hike. The local currency gained 9 paise to 94.80 against the US dollar in early trade. Rupee has witnessed its sharpest rally in seven months. The rupee is inching closer to a key support level near 94. Indian shares were modestly lower in early trade on Monday on concerns over elevated oil prices amid escalating tensions in the Strait of Hormuz. The b...
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