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Rupee records biggest single-day gain in 2 months

Rupee records biggest single-day gain in 2 months

Mon May 20 2019



The rupee on Monday appreciated by 49 paise, the biggest single-day gain in two months, to close at 69.74 against the US dollar following sharp gains in equities and forex inflows after exit polls suggested another term for the ruling NDA government. Forex traders said investors welcomed exit poll results that predicted a thumping majority for the current BJP-led government.


At the interbank foreign exchange, the domestic unit opened at 70.36 and advanced to a high of 69.44 during the day.


The currency finally settled at a nearly two-week high of 69.74, registering a rise of 49 paise or 0.70 per cent against the dollar over its previous close. On Friday, the rupee had settled at 70.23 against the US dollar.


This is the biggest single-day for the rupee since March 18 when the currency had zoomed by 57 paise or 0.82 per cent.


Source: Hindu business line.

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