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Rupee edges up in volatile session

Tue Mar 17 2020

 

 

The Indian rupee which appreciated by 39 paise to 73.86 against the US dollar in early trade on Tuesday pared gains in the mid-session.

 

Forex traders said investor sentiments recovered after the Reserve Bank on Monday hinted at a rate cut at the next Monetary Policy Committee (MPC) meet on April 3 and announced more liquidity enhancing measures.

 

The RBI announced another round of USD 2 billion dollar-rupee swaps on March 23 and up to ₹1 lakh crore of long-term repo operations as and when required.

 

At the interbank foreign exchange, the rupee opened at 74.16, then gained further ground and touched a high of 73.86 against the US dollar. At 4 pm, the domestic currency was quoted at 74.23 against the dollar.

 

On Monday, the rupee had settled at 74.25 against the greenback.

 

Source: Hindu business line.

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