Rupee gains 29 paise to close at 86.66 against US dollar, highest in a week

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The rupee gained 29 paise or about 0.33% to close at 86.66 against the US dollar Thursday tracking the Asian currencies’ upmove especially the Chinese yuan.

This is the strongest closing level in a week.

Opened stronger at 86.8450 as compared with previous closing level of 86.96, the local currency strengthened further to 86.57/58 level buoyed by dollar sales by some banks.

“It was a technical correction. As the Reserve Bank of India had protected the rupee at 86.96 in the previous trading day, nobody created fresh speculative positions today. All speculative traders sold dollars and booked profit, helping the local unit gain” a forex trader said.

Yuan rose after US president Donald Trump talked about a possibility of striking a fresh trade deal with Beijing.

The Indian currency was the best performer among its Asian peers, dealers said.RBI’s February state of economy report said that Donald Trump’s reciprocal trade tariffs could lead to more outflows of dollar from emerging economies and create upside risks on domestic inflation.

Moody’s Analytics meanwhile said that economies across the Asia-Pacific region are bracing for a turbulent 2025.

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