Indian rupee inches higher, forward premiums slip as Fed rate cut bets recede

Indian rupee inches higher, forward premiums slip as Fed rate cut bets recede

Published: Mon 8 Apr 2024, 10:53 AM

The Indian rupee gained in early trading on Monday, continuing its upside momentum from the previous session, even though US bond yields jumped as investors pared bets on a rate cut by the Federal Reserve in June.

The rupee was at 22.68 to the UAE dirham as of 9:45 a.m. IST, up slightly from 23.69 in the previous session, when the rupee rose nearly 0.2%, recovering from Thursday's record low of 22.73.

Broad-based dollar sales from local and foreign banks helped the rupee on Monday, a foreign exchange trader at a state-run bank said.

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