Rupee surges by 62 paise to 2-week high against dollar on stimulus hopes

The rupee soared by 62 paise to settle at a two-week high of 76.06 against the U.S. dollar on Thursday tracking gains in domestic equities as hopes of another stimulus package from the government bolstered investor sentiment. Forex traders said investor sentiment strengthened after the RBI said it would undertake additional purchase of government securities through open market operations (OMO). At the interbank foreign exchange, the rupee opened higher at 76.31 rose further to the day’s high pf 76.00. The rupee finally settled at 76.06 against the US dollar, registering a rise of 62 paise over its previous close. This is the highest closing level since April 7. On Wednesday, the rupee had settled at 76.68 against the US dollar.“On a review of current and evolving liquidity and market conditions, the Reserve Bank has decided to conduct simultaneous purchase and sale of government securities under Open Market Operations (OMO) for Rs 10,000 crores each on April 27, 2020,” the Reserve Bank said in a release. The dollar index, which gauges the greenback’s strength against the basket of six currencies, was trading 0.08 per cent up at 100.46. The 30-share BSE Sensex surged 483.53 points or 1.54 per cent to close… Read full this story

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