Sat. Nov 28th, 2020

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Yet another good day for Indian Rupee

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On Monday, at the inter-bank foreign exchange, the rupee climbed by 21 paise 76.25 US dollar. This tracks positive domestic equities and crippling of the American currency globally due to the catastrophe.

The rupee opened higher at Rs. 76.14 and touched an intra-day high of Rs. 76.05 in morning trade.

Forex traders said the uptick in the currency counter was largely due to expectations of more stimulus measures from central banks to support their respective economies reeling under the COVID-19 pandemic.

The domestic unit, however, pared some initial gains and finally settled at 76.25, registering a rise of 21 paise over its previous close. On Friday, the local unit had settled at 76.46 against the US dollar.

Equity benchmark Sensex settled 416 points or 1.33 per cent higher, led by gains in financial stocks as RBI’s Rs 50,000-crore stimulus to mutual funds and positive cues from global markets buoyed investor sentiment. The NSE Nifty rose by 127.90 points, or 1.40 per cent.




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