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Forex News: Indian Rupee Hits New 4-week High Against U.S.

Indian Rupee Hits New 4-week High Against U.S. Dollar

04/29/2020 - 05:58:00 (RTTNews)

(RTTNews) - The Indian rupee strengthened against the U.S. dollar in afternoon deals on Wednesday, as regional shares rose, tracking positive global cues, as some countries are considering to partially lift restrictions due to coronavirus.

Oil prices rose after U.S. inventories rose less than expected last week and easing coronavirus lockdown restrictions in some European countries and U.S. cities spurred hopes for a pick up in demand.

The benchmark S&P BSE Sensex rose by 632 points, or 1.97 percent, to 32,746, while the broader NSE Nifty index was up 178 points, or 1.90 percent, at 9,559.

The Indian rupee appreciated to 74.73 against the greenback, its biggest since March 31. If the rupee rises further, 72.00 is likely seen as its next resistance level.

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