The rupee ended flat against the US dollar on June 28 even as Asian currencies traded weak. The rupee closed at 82.06 to a dollar, down 0.03 percent from the previous close of 82.03.
Asian currencies traded weak after recent data revealed unexpected strength in various sectors of the US economy, indicating resilience and pushing back the possibility of a recession.
The strong data has given room for the US Federal Reserve to resume its rate hike cycle in July after a pause earlier this month.
According to reports, there was a notable increase in the annual rate of new home purchases, surpassing expectations. Durable goods orders also exceeded estimates, and consumer confidence reached its highest level since the beginning of 2022. Housing prices in the world’s largest economy rose for the third month in a row.
Overall, these developments depict a positive outlook for the US economy and suggest a delay in any imminent recession.
Among the losers, the Thai Baht fell 0.9 percent, the South Korean won 0.58 percent, China Offshore 0.47 percent, Taiwan dollar 0.28 percent, Singapore dollar 0.19 percent and Malaysian ringgit slipped 0.11 percent. Among the gainers, the Indonesian rupiah rose 0.2 percent and the Philippines peso gained 0.13 percent.
The dollar index, which measures the greenback against a basket of major currencies, was trading at 102.62, up 0.13 percent from the previous close of 102.49.
(With Reuters, Bloomberg inputs)
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