The 1-month non-deliverable forward indicated the rupee will open at 83.60-83.62 to the U.S. dollar compared with 83.68 in the previous session. The rupee is on a four-day winning streak and is headed for its best weekly performance in at least four months.
The Indian rupee reached a two-month high, driven by portfolio inflows and a rally in the Chinese yuan following the Federal Reserve's interest rate cut. The rupee closed at 83.68 against the U.S. dollar, with India's equity indices also seeing gains.
The Indian rupee reached its highest level in over six weeks after the Federal Reserve's 50-basis-point rate cut. However, traders anticipate that importer dollar bids will limit further gains. The rupee was at 83.66 against the U.S. dollar, supported by broad-based dollar selling interest and the Fed's updated projections for future rate cuts.
The rupee closed at 83.75 against the U.S. dollar, up 0.1% from its close at 83.8875 on Monday. The currency touched a peak of 83.71 during the session, its highest since August 1.
The rupee appreciated by 2 paise to 83.84 against the US dollar in early trade on Tuesday, supported by a weak greenback and lower crude oil prices. However, domestic equities' sluggish trend and fresh foreign fund outflows limited the rise. The Reserve Bank of India is expected to intervene around the crucial 84-mark.
The currency was unable to benefit from weakness in the greenback in the face of dollar demand from importers, including local oil companies, traders said.
The rupee appreciated by 5 paise to 83.87 against the US dollar, supported by a weakening American currency and significant foreign fund inflows. Market participants await cues from the US Fed policy on Wednesday. The Reserve Bank of India's intervention has kept the rupee steady, with forex reserves reaching an all-time high of around USD 690 billion.
The Indian rupee strengthened on Friday as Asian currencies benefited from the weakness in the U.S. dollar as the odds of a outsized Federal Reserve rate cut next week rose after media reports said the decision is likely to be a close call.