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Rupee Strengthens After US Federal Reserve Statement

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The Indian rupee strengthened against US dollar on Friday after the Federal Reserve kept the interest rates unchanged this month.

In the policy meet, the Federal Reserve held its benchmark rate near zero.

Rupee Strengthens After US Federal Reserve Statement
 

"The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen some further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term," the FOMC said in a statement.

Dollar felt the pressure and was seen trading lower against other major currencies on Friday.

Also, increased selling from exporters and banks along with higher opening in the domestic market weighed on the dollar.

The Indian rupee was last trading at higher by 49 paise at 65.96 against the dollar against 66.46 Wednesday.

GoodReturns.in

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