MUMBAI (Reuters) – The Indian rupee erased losses and strengthened to a five-week high against the U.S. currency on Thursday due to, what traders said, was possible dollar inflows from two large corporates.
The rupee was trading at a session-high of 82.06 to the dollar, its highest since May 11, at 1:30 p.m. IST, against previous close of 82.0950.
The unit had fallen to 82.2525 earlier in the session after the Federal Reserve’s hawkish tone on interest rates.
“At least two foreign banks are selling dollars in the spot market and this has largely to do with inflows from a telecom company and a state-run entity,” said a trader with a state-run bank.
(Reporting by Siddhi Nayak; Editing by Savio D’Souza)
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Source: The Print
