INR Surges to 83.4 vs USD, Best Performance This Year
The Indian Rupee strengthened to 83.4 against USD, its best showing in 2024, while the Pakistani Rupee remained flat at 277.7.
Published on 24 Sept 2024
, 1 minute read
Here’s this week’s overview of the Indian Rupee and Pakistani Rupee:
Indian Rupee
The Indian Rupee strengthened to 83.4 against USD last week, a gain of 0.4% - its best performance this year - staging a recovery after falling close to an all-time low of near 84 for several sessions.
The Rupee hit its highest since mid-July last week, boosted by the Federal Reserve's 50bp rate cut, which most economists had not taken as their most likely scenario, as well as portfolio inflows and dollar selling in the NDF (Non-Deliverable Forward) market.
Pakistani Rupee
PKR ended the week trading flat against USD at 277.7. There we no data releases of note out of Pakistan last week.
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