Rupee Surge
The Indian rupee’s surge to a two-month high on Thursday signals a broader shift in the global economic landscape, influenced not just by domestic factors but by international dynamics as well.
The rupee today recovered from its all-time low by rising 38 paise to 69.77 against the US dollar in early trade at the Interbank Foreign Exchange market on fresh selling of the greenback by exporters and banks ahead of US-China trade talks this week.
Besides, the dollar weakened against other currencies overseas as demand for the safe-currency receded on optimism over a reduction in US-China trade tensions, helping the domestic currency rebound, forex dealers said.
A higher opening in the equity market also supported the rupee’s recovery, they said.
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The BSE benchmark Sensex rallied by 178.77 points, or 0.47 per cent, to quote at an all-time high of 38,126.65 (intra-day) in early trade today. The broader NSE Nifty too breached the 11,500-mark for the first time.
The Indian currency had collapsed to a historic intra-day trading low of 70.40 before closing at fresh life-time low of 70.15 per dollar on Thursday, down by 26 paise or 0.37 per cent.
Forex market was shut on Friday on account of Parsi New Year.
Meanwhile, foreign institutional investors (FIIs) bought stocks worth a net of Rs 147.31 crore, while domestic institutional investors (DIIs) accumulated stocks worth a net of Rs 151.89 crore on Friday.
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