Rupee remains positive after US Fed keeps rates intact

Mumbai: The rupee remained in the positive territory today — at 67.42 per dollar — after the US Federal Reserve decided to hold rates and struck a cautious tone about any future hike. No change in US policy rate means investors can hold on to emerging market assets with the hope of better returns, at least for now.

Aided by firm equities, the rupee opened higher at 67.44 as against yesterday’s close of 67.47 and hit 67.37 before quoting at 67.42 at 1100 hours. At one point, it tested 67.45 during the morning trade.

Selling of dollars by exporters mainly boosted the rupee value, a forex dealer said. Overseas, the dollar tempered its climb and was only modestly higher against the euro and the yen on Wednesday after the US Fed move. Meanwhile, the Sensex moved up 12.04 points, or 0.04 per cent, in late morning trade.