The rupee strengthened by 12 paisa against the US dollar on this Monday. Latest exchange rate turn to 1.00 USD=62.2996 INR.
Forex dealers said besides higher opening in domestic equity market, a weakening dollar against other currencies overseas after the US Federal Reserve dampened expectations for an early interest rate hike, supported the rupee.
The soaring value of the American dollar is rippling across the globe. As it rises, it is threatening emerging economies where companies have taken on trillions’ worth of dollar-based debt in recent years. It is big problem for these countries.