Rupee rises sharply against US dollar on Thursday

26 Mar 2020 Evaluate

Indian rupee rose sharply against the US dollar on Thursday, amid dollar weakness against a basket of other Asian currencies overseas and strong gains in the domestic stock market. Sentiments remained up-beat after Finance Minister Nirmala Sitharaman announced Rs 1.7 lakh crore ‘PM Gareeb Kalyan’ scheme to cushion the impact of the lockdown in wake of COVID-19 pandemic. Some support also came as the Department for Promotion of Industry and Internal Trade (DPIIT) has set up a control room to monitor in real-time the status of transportation and delivery of essential commodities amid the coronavirus lockdown in the country. It will also monitor difficulties being faced by various stakeholders during the lockdown period from March 25 to April 14.  On the global front, dollar fell further on Thursday ahead of key U.S. data that is expected to show a surge in unemployment benefit claims as companies lay off workers due to the rapid spread of the coronavirus. 

The last traded price of rupee was 75.16, 78 paise stronger from its previous close of 75.94 on Tuesday. The currency touched a high and low of 75.94 and 75.10 respectively. The reference rate for the dollar stood at 76.15 and for Euro stood at 82.11 on March 24, 2020. While the reference rate for the Yen stood at 68.98, the reference rate for the Great Britain Pound (GBP) stood at 88.50.  

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