Rupee ends higher at 75.67 per dollar
Markets are also finding some solace due to the chatter around easing of lockdown restrictions across various countries. This may pave the way for some more upside in the rupee towards 75.70 mark, says Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking.
April 29, 2020 / 03:16 PM IST
Indian rupee ended higher by 51 paise at 75.67 per dollar, amid buying seen in the domestic equity market.
It opened 21 paise higher at 75.97 per dollar against previous close of 76.18.
"Rebound in domestic equities and decline in the dollar index has led to some appreciation in the Indian rupee at the beginning of the current week, where the level of 77 is guarding the local unit from further depreciation," said Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking.
"Risk appetite in the market has got a lift as the RBI has come to ease the stress on the mutual funds, through its announcement of a special liquidity facility of up to 500 billion rupees. Along with this, BOJ has also announced expansion of its stimulus to ease the strain on the economy caused by the crisis."
"Markets are also finding some solace due to the chatter around easing of lockdown restrictions across various countries. This may pave the way for some more upside in the rupee towards 75.70 mark. However, after some respite, the domestic currency again looks to weaken as the coronavirus contagion worries engulfing the global economy still continue to dominate the overall landscape. Markets would also be keenly looking forward to the major central bank meetings this week for further cues," she added.
Oil prices climbed on Wednesday, trimming some of this week's steep losses after US stockpiles rose less than expected and hopes grew for demand to pick up as some European countries and U.S. cities moved to ease coronavirus lockdowns.
Gold prices inched higher as the dollar weakened amid plans to ease major economies out of coronavirus lockdowns, while investors awaited any forward guidance from the US Federal Reserve’s policy statement due later in the day.