The Rupee closed slightly higher against the US Dollar (USD) for the 35th consecutive day on Wednesday. Despite this small gain, the currency showed weakness against most other major currencies during the interbank session.
The Rupee appreciated by just 0.0001 percent, ending at 280.7 after gaining Rs0.0028 against the US Dollar. On a fiscal year-to-date (FYTD) basis, the Rupee has strengthened by 1.12 percent against the USD, showing gradual progress despite global market pressures.
Performance Against Other Currencies
While the Rupee performed slightly better against the US Dollar, it lost value against several other international currencies. It remained stable against the UAE Dirham (AED) and the Saudi Riyal (SAR).
The currency lost 29 paisas against the Canadian Dollar (CAD) and 37 paisas versus the Australian Dollar (AUD). Similarly, it declined 51 paisas against the Euro (EUR) and 44 paisas against the British Pound (GBP). These movements reflect continued volatility in global forex markets.
Market analysts noted that the Rupee’s marginal gains against the US Dollar are slowing, indicating that momentum is weakening after more than a month of consecutive appreciation. Despite these small gains, the Rupee faces pressure from other major currencies due to international market trends and trade dynamics.
The interbank currency market remains cautious, with investors monitoring both domestic economic indicators and global developments. Analysts expect the Rupee to experience moderate fluctuations in the coming weeks, depending on foreign inflows, trade balances, and monetary policy adjustments.
In other related news also read Rupee Continues Gains Against US Dollar This Week
Overall, while the Rupee continues to show resilience against the US Dollar, its performance against other major currencies highlights ongoing challenges in the forex market. Continuous monitoring is needed to assess future trends and maintain stability.
