Canadian Dollar (CAD) moves up against US Dollar (USD)

Canadian Dollar (CAD) moves up against US Dollar (USD)

K.T. Jagannathan

CAD to USD on Friday, August 28

The Canadian dollar (CAD) was trading lower at 56.1216 against the Indian rupee at 12.39 p.m. GMT, down from 56.2022 on Thursday. Again, the CAD was down against the British pound. It was trading at 0.5755 at 12.48 p.m. against the British currency, down from 0.5772 on Thursday.

However, CAD was faring better against the U.S. dollar. At 12.45 p.m., CAD was trading at 0.7659 against the American currency, which was higher compared to Thursday’s rate of 0.7617.

Rupee surges high against U.S. dollar

The Indian rupee, in the meanwhile, rose to its highest level in nearly six months on Friday, gaining for a third straight session as foreign investors piled into domestic equity markets. The rupee ended Friday at 73.40 per U.S. dollar, up 0.6%. The rupee had closed at 73.81 in the previous session. During the session, the rupee rose to 73.28 earlier, its highest level since March 5. During the Friday session, Rupee traded in a range of 73.28 to 73.87 per U.S. dollar. The rupee rose nearly 2% for the week, its biggest weekly gain since the week ending December 21, 2018. Dollar inflows into the stock market and gains in other Asian peers have reportedly helped fuel the rupee’s strength. Foreign portfolio investors (FPIs) have bought $6.2 billion worth of shares so far in August. Thursday’s change in the policy stance by the Federal Reserve could further boost inflows, it is felt. The U.S. Federal Reserve, on Thursday, re-jigged its policy stance. It emphasized the need for achieving maximum employment and stable prices and promised to aim for 2% inflation on average. The Fed suggested that interest rates could stay near zero for much longer than anticipated.

Indian stocks up

The Indian bourses ended in green on Friday. Key stock indices have risen for six straight sessions amid signs of a pick-up in business activity and greater investor interest in beaten-down sectors such as banking, metals and real estate. The Nifty-50 settled 0.76% higher at 11,647.60. BSE Sensex closed 0.90% higher at 39,467.31.

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