Indian rupee strengthens above 83.50/USD for first time in over two months
MUMBAI, Sept 20 (Reuters) -The Indian rupee rallied on Friday to climb above 83.50 per U.S. dollar for the first time since late July, boosted by dollar sales by foreign banks and a rise in most of its Asian peers.
The rupee INR=IN was at 83.4850 against the U.S. dollar as of 12 noon IST, its strongest level since July 9. The currency was up 0.2% on the day and on course to post its best single day since May 2024.
Two-large U.S. based banks have been "present on offer (on USD/INR)," since early in the session, likely on behalf of custodial clients, a foreign exchange trader at a state-run bank said.
Indian benchmark equity indices scaled record highs on after an outsized interest rate reduction by the U.S. Federal Reserve on Wednesday and the anticipation of a soft landing for the world's largest economy boosted risk appetite.
Asian currencies were mostly higher between 0.1% to 1%. The dollar index fell 0.2% to 100.43 and was hovering close to its year-to-date low.
State-run banks were spotted bidding for dollars intermittently, which is likely related to a "mix of (dollar) buying," for their importer clients and on behalf of the Reserve Bank of India (RBI), a senior trader at a foreign bank said.
Reporting by Jaspreet Kalra
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