The Indian rupee advanced against the U.S. dollar in late morning deals on Friday, as regional stocks advanced and comments from the RBI and Indian Finance Minister P Chidambaram helped to restore investor confidence.
Addressing press conference, Chidambaram said yesterday that there was no reason for excessive or unwarranted pessimism regarding the country's economic prospects. The minister said the rupee is 'undervalued' and has overshot the levels perceived as reasonable and appropriate.
Meanwhile, Chidambaram told Parliament today that the RBI's liquidity-tightening measures aimed at curbing speculation in the forex market would also have salutary impact of inflation moderation.
The rupee climbed to 2-day high of 63.205 against the greenback, up from record low of 65.5605 touched on Thursday. The rupee may seek next upside target around the 62.00 level.
For comments and feedback contact: editorial@rttnews.com
Forex News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.