Sun. Jun 20th, 2021

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The rupee today hit a high of 75.29 against the US dollar

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The rupee jumped sharply against the US dollar today, supported by strong domestic equity markets and government’s reopening plan for the domestic economy. Opening at 75.35 per US dollar, the rupee then gained further ground to touch 75.29, as compared to the previous close of 75.62. Rupee was at 75.47 in recent trade. The government has announced a phased exit from two-month lockdown, starting today.

The Sensex was up over 1,000 points as stocks climbed for a fourth day, buoyed by steps to start easing the nationwide lockdown. The government plans a phased lifting by allowing malls, restaurants and places of worship to open from June 8.

Foreign institutional investors were net buyers in the capital market, as they bought equity shares worth 1,460.71 crore on Friday, according to provisional exchange data.

“Overall global risk sentiment is positive. From today onwards, Indian banks will be able to participate in offshore NDF markets. Asian currencies are stronger, tracking Yuan strength. Asian equities too are trading positive,” Abhishek Goenka, founder and CEO at IFA Global.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell by 0.38% to 97.96.

Meanwhile, India’s GDP growth tumbled to 3.1% in the March quarter – the slowest pace since the global financial crisis more than a decade back. In 2019-20, the Indian economy grew by 4.2%, the slowest in 11 years. (With Agency Inputs)

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