Indian rupee ends higher as dollar weakens

The Indian rupee closed slightly higher on Monday due to a weaker dollar, amid worries about US debt and deficits after a Moody’s downgrade of the country’s credit rating last week.

The rupee closed at 85.40 against the US dollar, up 0.1 per cent on the day after initially dropping to 85.61. The dollar weakened by 0.6 per cent against major currencies, leading to the rupee’s recovery.

Asian currencies, including the Thai baht, strengthened on the day, with the baht leading gains at 0.8 per cent. Safe-haven currencies like the Japanese yen and Swiss franc also increased, reflecting the rise in gold prices.

Attribution: Reuters

Subediting: Y.Yasser