Indian rupee strengthens modestly amid softer dollar

The Indian rupee closed modestly stronger on Monday as a softer dollar gave Asian currencies some breathing room ahead of US President-elect Donald Trump’s inauguration later in the day.

The rupee ended the day at 86.5675 against the US dollar, slightly higher than its previous close of 86.61.

The dollar index decreased by 0.2 per cent to 109.1, and Asian currencies saw gains ranging from 0.1 per cent to 0.7 per cent.

The offshore yuan reached a two-week high following a positive phone call between Trump and Chinese President Xi Jinping on Friday and strong fourth-quarter Chinese economic data.

Attribution: Reuters

Subediting: Y.Yasser