Extending gains for a second day, Indian rupee ended significantly higher against dollar on Thursday, on persistent selling of the American currency by exporters. Sentiments remained optimistic as Principal Economic Adviser Sanjeev Sanyal said more calibrated monetary and fiscal stimulus measures are on the anvil to deal with the economic fallout from COVID-19 and the consequent lockdown. He expressed hope that a significant part of the economy will be functioning, if not everything, by May 3. Healthy gains in domestic stocks and some weakness in the greenback against global currencies also supported local unit. On the global front, dollar erased gains and fell against the currencies on Thursday, as a rebound in crude prices after an unprecedented collapse helped to calm markets unnerved by the massive coronavirus-led drop in global demand.
Finally, the rupee ended at 76.06, 62 paise stronger from its previous close of 76.68 on Wednesday. The currency touched a high and low of 76.31 and 76.00 respectively. The reference rate for the dollar stood at 76.80 and for Euro stood at 83.38 on April 22, 2020. While the reference rate for the Yen stood at 71.41, the reference rate for the Great Britain Pound (GBP) stood at 94.51.
