INR recovers in cautious trades ahead of Powell speech | Capital Market News

INR recovered slightly and settled higher by 4 paise at 83.89 (provisional) against the American currency on Friday, amid cautiousness ahead of Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium. Fed Chair Jerome Powell is scheduled to speak at the symposium in Jackson Hole, Wyoming, on Friday, with traders looking for the central bank chief’s comments to provide further clarity about the outlook for rates. Weak US Dollar, foreign fund inflows and a positive tone in the domestic markets supported the rupee. However, overnight gains in crude oil prices capped sharp gains. At the interbank foreign exchange market, the local unit opened weak at 83.93 and touched an intraday high of 83.85 against the US dollar.

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