Rupee trades higher at 74.64/USD post RBI announcement
Utilise upsides in the pair to initiate short positions, says ICICIdirect.
March 27, 2020 / 11:37 AM IST
Indian rupee extended the morning gains as it touched 74.31 intraday after Reserve Bank of India announced some measure to support the economy amid coronavirus.
It is trading higher by 51 paise at 74.64 per dollar.
It has opened higher by 46 paise at 74.69 per dollar against previous close of 75.15.
The Sensex was down 252.12 points or 0.84% at 29694.65, and the Nifty was down 3.30 points or 0.04% at 8638.15.
The Indian rupee surged by another 73 paise to 75.15 against the US dollar on Thursday after Finance Minister Nirmala Sitharaman announced various welfare measures to tide through the coronavirus crisis.
Considering the sharp decline seen in the dollar index, the rupee is likely to remain positive and may move towards its crucial level of 74.50. Utilise upsides in the pair to initiate short positions, said ICICIdirect.
The dollar is on track for its biggest weekly fall in more than a decade on Friday as a series of stimulus steps around the world, including a $2.2 trillion U.S. package, calmed a panic over a global recession following the coronavirus outbreak.
The plunge in oil prices took a number of high-profile sovereign rating scalps on Thursday, including Nigeria, Mexico, Angola, Ecuador and Oman, although the architects of the slump, Saudi Arabia and Russia, were both spared.