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Rupee gains vs dollar as weak US GDP data softens Fed rate hike view

Dollar index falls as a contraction in US GDP eases Fed hike fears

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In the week ahead, currency traders expect the rupee to be confined to a thin band as the Reserve Bank of India is scheduled to announce its monetary policy statement

Bhaskar Dutta Mumbai

3 min read Last Updated : Jul 29 2022 | 11:02 PM IST

The rupee on Friday registered its biggest single-day gain since October 20 last year, as a poor US GDP reading led to anticipation of the Federal Reserve slowing down the pace of its rate hikes.

The domestic currency settled at 79.27 versus the dollar on Friday, against 79.76 on Thursday. In the course of the day, the rupee headed closer and closer to the 78 per dollar-mark, climbing to a high of 79.17.

The data released after Indian trading hours on Thursday showed that the US economy contracted 0.9 per cent in the second quarter of 2022. This marked the

Topics : Rupee Rupee vs dollar US GDP US economy US Federal Reserve Fed rate hikes Indian rupee US Dollar forex market US Fed rate hike United States

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