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Forex News: Indian Rupee Climbs To 2-1/2-month High Against U.S.

Indian Rupee Climbs To 2-1/2-month High Against U.S. Dollar

08/31/2021 - 02:54:00 (RTTNews)

(RTTNews) - The Indian rupee firmed against the U.S. dollar in late morning deals on Tuesday, as the latter fell across the board following Federal Reserve Chair Jerome Powell's remarks about a slowdown in the pace of asset purchases.

Powell said last week that the central bank is likely to start scaling back bond purchase program this year, but didn't provide timing for withdrawal.

Investors await India's GDP data for the April-June quarter due around noon for clues to economic recovery.

The Indian rupee rose to a 2-1/2-month high of 73.12 against the greenback from Monday's close of 73.29. Immediate resistance for the rupee is found near the 70 level.

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