Rupee Rises 88 Paise: Following the US Fed’s announcement of more rate cuts this year, the rupee regained 88 paise from its record closing low to 87.93 against the US dollar in early trading on Wednesday. Forex traders claimed that the domestic currency was supported by the entire drop in crude oil prices as well as news of RBI intervention.

The rupee began trading at 88.74 versus the US dollar on the interbank foreign currency market, but it quickly gained strength and reached 87.93, marking an increase of 88 paise from its closing price. Later, its value in relation to the US dollar was 88.33. The rupee fell 13 paise against the US dollar on Tuesday, closing at its lowest point ever, 88.81.

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In his remarks on Tuesday, FED Chair Jerome Powell suggested that rate decreases would continue this year as unemployment increases. According to Anil Kumar Bhansali, Head of Treasury and Executive Director of Finrex Treasury Advisors LLP, he also raised worries about the persistent inflation and cautioned about potential dangers from tariffs and tight immigration laws. The dollar index, which measures the strength of the US dollar relative to a basket of six other currencies, was down 0.20 percent at 98.85.

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