The India rupee opened 20 paise up on June 26 after the dollar index slipped to a multi-year low on renewed concerns of US President Trump's criticism of Federal Reserve chair Jerome Powell and plans of his early replacement.
The currency opened at 85.89 after ending the previous session at 86.09 against the dollar.
According to a Wall Street Journal report, Trump has toyed with the idea of selecting and announcing Powell's replacement by September or October, aiming to undermine his position.
This led to the dollar index falling over three and half years’ low of 97.312 in the early trade. It closed the previous session at at 97.679.
Trump said he has three or four people in mind to succeed Powell when his term expires next year.
“I know within three or four people,” Trump said on June 25 during a press conference at The Hague after attending the NATO summit. “I mean he goes out pretty soon, fortunately, because I think he’s terrible.”
Trump did not name his potential replacements for the central banker nor did he lay out a timeline for a decision. Powell’s term ends May 2026.
Trump said earlier this month that he was considering successors for Powell and that they would come out “very soon.”
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