Market News
Sliding dollar helps rupee extend winning streak; forward premiums fall - REUTERS
MUMBAI, April 21 (Reuters) - The Indian rupee extended its winning streak on Monday as the dollar remained on the defensive, with investor confidence in U.S. assets dented by President Donald Trump’s criticism of the Federal Reserve chief.
The rupee closed at 85.1275 against the U.S. dollar, up 0.3% on the day. The local unit touched an over two-week high of 85.0450 against the dollar earlier in the day, before paring gains.
Asian currencies rallied as well, with the Thai baht and Malaysian ringgit leading gains with a near 1% rise each. The dollar index dropped 0.8% to an over 3-year low of 97.9.