The US dollar continued to lose value against the rupee for the 27th day on Friday with a loss of another Rs1.08.
With the latest decrease, the dollar fell to Rs277.50 in the interbank as the day began.
After going well over Rs300 in interbank and open market last month, the dollar has continued to fall after the government cracked down on smuggling and hoarding.
This is one of the longest appreciation runs seen by the rupee against the US dollar in the inter-bank market and comes in large part due to the authorities’ crackdown on smuggling and hoarding of foreign currency as well as reforms in the Exchange Companies sector.
Globally, the US dollar remained firm on Friday, putting pressure across a basket of currencies as stronger-than-expected US consumer inflation revived prospects that the Federal Reserve will have to keep rates higher for longer.
