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Rupee posts best week in over two years as dollar's struggles

Economic Times · 1d

The Indian rupee experienced its best week since January 2023, appreciating 1.3% due to an Iran-Israel ceasefire that lowered oil prices and reduced demand for the U.S. dollar. The dollar index fell by 1.5% amid concerns about the Federal Reserve's independence. While the rupee lags behind Asian currencies, a weaker dollar and increased foreign investment in Indian bonds suggest potential support. Analysts note the rupee's underperformance may persist despite these factors.