Rupee strengthens after Fed’s status quo stance

The Indian rupee is currently trading at 66.01, stronger by 44 paise from its previous close of paise from 66.45 on Wednesday

Indian rupee, in-line with most of the emerging market currency appreciated on Friday after the US Federal Reserve kept benchmark rate unchanged at the end of its two-day policy review that concluded on Thursday night. This move which diminished the appeal of safe haven currency, dollar worked in the favour of all emerging markets’ assets. On the global front, dollar depreciated in Asian trading on Friday after skidding to three-week lows against the euro and a basket of currencies following the Federal Reserve's decision to hold interest rates steady and cut its long-term U.S. growth outlook.

The Indian rupee is currently trading at 66.01, stronger by 44 paise from its previous close of paise from 66.45 on Wednesday. The currency touched a high and low of 65.98 and 66.22 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.50 and for Euro stood at 75.02 on September 16, 2015. While, the RBI’s reference rate for the Yen stood at 55.34, the reference rate for the Great Britain Pound (GBP) stood at 101.9977.