The rupee strengthened against the dollar on Thursday amid falling Brent crude prices and unchanged US interest rates.
The local currency strengthened by two paise to open at 83.52 against the greenback, according to Bloomberg data. It had closed at 83.54 on Wednesday.
The Federal Reserve kept rates at 5.5% and hinted at a “higher-for-longer” stance on inflation by reducing rate cut projections for 2024 from three to one. The dollar index was down to 104.77 and US yields were at 4.3120%.
Brent oil fell to $82.31 after rising to $ 83.35 per barrel on better-than-expected CPI report from the US, but pared its gains on report from IEA that oil demand will be lower in 2024, citing sluggish consumption from developed countries.
