Rupee Ends Higher, Logs Strongest Weekly Rise Since Late June

Indian Rupee Ends Higher

The Indian rupee ended higher against the US dollar on Friday, logging its strongest weekly rise since late June.

Reasons for Rupee's Rise

The rupee's rise was attributed to several factors, including a decline in crude oil prices, strong foreign inflows, and a weaker dollar.

Crude oil prices fell sharply this week, providing relief to the rupee as India is a major importer of oil. Strong foreign inflows into the Indian stock market also supported the rupee, as investors sought to take advantage of the country's improving economic outlook.

The dollar weakened against major currencies this week, making the rupee more attractive to foreign investors. The US Federal Reserve's decision to raise interest rates by 50 basis points was widely anticipated, and the market had already priced in the move.

The rupee's rise against the dollar is a positive development for the Indian economy. A stronger rupee helps to reduce the cost of imports, which can help to contain inflation. It also makes it cheaper for Indian companies to raise capital abroad.

Weekly Rise

The rupee's weekly rise was the strongest since the week ending June 24, when it had gained 1.3% against the dollar. This week, the rupee gained 0.8% against the dollar, closing at 79.63.

The rupee is expected to continue to trade in a range in the coming weeks, with movements likely to be influenced by global factors such as the US-China trade war and the Federal Reserve's monetary policy.