Rupee today rises sharply against US dollar, jumps about 100 paise

Rupee today rises sharply against US dollar, jumps about 100 paise thumbnail
Rupee dollar exchange rate: INR jumped to 75.17 per USD 1 min read . Updated: 26 Mar 2020, 10:54 AM IST Edited By Surajit Dasgupta The rupee had hit a record low of 76.32 against the US dollar earlier this weekThe Sensex surged over 1,000 points today Indian rupee rose sharply against the US dollar…

Rupee dollar exchange rate: INR jumped to 75.17 per USD

1 min read

. Updated: 26 Mar 2020, 10:54 AM IST

Edited By Surajit Dasgupta

The rupee had hit a record low of 76.32 against the US dollar earlier this weekThe Sensex surged over 1,000 points today

Indian rupee rose sharply against the US dollar today, tracking strong gains in domestic equity markets. After opening at 75.88 per dollar, the rupee moved to 75.17 at day’s high, as compared to the previous close of 76.10. Investor sentiment was supported by expectations that the government will soon announce a stimulus package to combat the impact of coronavirus on the economy. Forex market was closed on Wednesday on account of Gudi Padwa.

So far during the day, the rupee traded in the range of 75.17 to 75.96 per dollar during the day.
Domestic stock market benchmark Sensex surged over 1,200 points today after posting its best gain in over a decade in the previous session. The US Senate has passed a $2 trillion virus relief bill, boosting equity market sentiment across the globe.
The rupee had closed higher by about 20 paise on Tuesday after Finance Minister Nirmala Sitharaman said that the government could announce a stimulus package soon. The rupee had hit a record low of 76.32 earlier this week.
The government unveil a stimulus package of at least ₹1.5 lakh crore to fight the coronavirus by the end of this week, Reuters reported, citing sources.
In India, more than 600 coronavirus cases have been reported so far.
Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold equity shares worth ₹1,893.36 crore on Wednesday, according to provisional exchange data.
Meanwhile, the dollar index, which gauges the greenback’s strength against the basket of six currencies, was trading 0.26% lower at 100.79.
In a recent report, Bank of America Securities said RBI has a strong dollar arsenal to defend the rupee. In March, RBI has done two tranches of dollar-rupee swaps of $2 billion each as the rupee was falling sharply against the US dollar. This had the forex reserves falling for the first time in 25 weeks. For the week to March 13, the RBI’s forex reserves fell $5.35 billion to $481.89 billion. In the week before, the forex kitty was at an all-time high of $487.23 billion. (With Agency Inputs)

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