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Rupee gains 26 paise against US dollar
The Indian rupee opened at 88 against the US dollar on September 9, gaining 26 paise from its previous close.
This boost follows disappointing US jobs numbers for August—only 22,000 new jobs were added, way below the expected 75,000—which pushed the dollar index down and made a rate cut by the US Federal Reserve, which meets next week, almost certain.
Rupee expected to hover between 87.80 and 88.30
Experts say traders are betting on lower US interest rates after these numbers. Amit Pabari from CR Forex Advisors pointed out that this has helped strengthen the rupee.
Anil Kumar Bhansali of Finrex Treasury Advisors expects the rupee to hover between 87.80 and 88.30 for now, as global economic shifts continue to play out.