Rupee strengthens after hitting record low last week

The rupee had weakened to a record low of 79.96 last week, weighed down by broad gains in the dollar as red-hot inflation data raised fears of more aggressive policy tightening by the U.S Federal Reserve.

The Indian rupee strengthened against the dollar on Monday, tracking other Asian currencies and following slight gains in the domestic share market.The rupee had weakened to a record low of 79.96 last week, weighed down by broad gains in the dollar as red-hot inflation data raised fears of more aggressive policy tightening by the U.S Federal Reserve.Also read: Rahul Gandhi’s ‘rupee’ dig at Centre as it edges closer to 80-markThe partially convertible rupee rose to 79.73 per dollar at one point, compared with Friday’s close of 79.88. It was trading at 79.83, as of 0417 GMT.The 10-year benchmark bond yield was at 7.41%, compared with its close of 7.44% on Friday.

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