The Indian rupee appreciated against the U.S. dollar on Monday, tracking a weaker outlook for the greenback, as cooler-than-expected consumer price index raised hope of a less aggressive Fed.
The local currency opened at 80.55, appreciating 0.34% or 27 paise. It had closed at 80.82 on Friday.
At 9:15 a.m., the rupee appreciated 0.38% or 30 paise to trade at 80.51.
“The U.S. dollar extended its fall by 1.41% on Friday amid a rise in risk appetite in global markets … Moreover, weaker than expected Michigan consumer sentiment data from the U.S. pressurised the dollar,” ICICI Securities said in a note on Monday.
The rupee had hit a record low of 83.29 on Oct. 20.
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