Rupee jumps 41 paise to close at 75.80 against U.S. dollar
The Hindu
The rupee spurted by 41 paise to close at 75.80 (provisional) against the U.S. dollar on March 17, supported by positive domestic equities and broad dollar weakness.
At the interbank Forex market, the local unit opened at 75.96 against the greenback and witnessed an intra-day high of 75.77 and a low of 75.97.
The rupee settled at 75.80, registering a rise of 41 paise over its previous close of 76.21.
Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.39% to 98.23.
On a weekly basis, the rupee appreciated 63 paise against the American currency.
The rupee registered the best weekly gain after December 24, amid weakness in the dollar index, rebound in risk-sentiments, stable crude oil price and inflows from foreign funds, said Dilip Parmar, Research Analyst, HDFC Securities.
The dollar index retreated after the Federal Open Market Committee (FOMC) delivered a 25 bps hike on March 16 and signalled six more rate hikes this year.
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