Indian rupee continued its upward momentum for the fourth day and ended fairly higher against US dollar on Thursday, on the back of aggressive selling of the American currency by exporters. Sentiments got up-beat with Niti Aayog CEO Amitabh Kant’s statement that India's COVID-19 recovery rate has improved from 15% on April 19 to 24.56% as of April 29. Gains in domestic equity benchmarks in tandem with global markets along with weakness in the dollar overseas also supported the rupee. Traders took a note of former Union minister and Rajya Sabha member Suresh Prabhu’s statement that India should leverage technology towards manufacturing in the post-COVID-19 scenario to tap consumption-based economies like the US and Japan. On the global front, the dollar nursed losses on Thursday after the U.S. Federal Reserve left the door open to more monetary easing and dampened expectations for a quick economic recovery from the coronavirus pandemic.
Finally, the rupee ended at 75.09, 57 paise stronger from its previous close of 75.66 on Wednesday. The currency touched a high and low of 75.20 and 74.94 respectively. The reference rate for the dollar stood at 75.69 and for Euro stood at 82.12 on April 29, 2020. While the reference rate for the Yen stood at 71.04, the reference rate for the Great Britain Pound (GBP) stood at 94.35.
