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Indian rupee gains 52 paise against US dollar
Business
The Indian rupee got a boost on Wednesday, rising 52 paise to open at 88.28 against the US dollar.
This comes as the US dollar lost some ground, thanks to growing buzz that the Federal Reserve might cut interest rates soon.
Fed's stance on rate cut bolsters rupee
US Fed Chair Jerome Powell recently suggested a rate cut could be on the table, even with the US government shutdown making things tricky.
He pointed out that while the US economy looks steady, there are still risks to jobs and growth.
The Fed's proactive moves, along with the dollar's weakness, have helped strengthen the rupee.