The Rupee appreciated 32 paise to 75.30 against the U.S. Dollar in opening trade on Monday supported by the government’s reopening plan for the domestic economy.

Forex traders said foreign fund inflows, weak American currency and positive opening of domestic equities also boosted investor confidence.

The Rupee opened at 75.32 at the interbank forex market and then gained further ground to touch 75.30, up 32 paise over its last close. It had settled at 75.62 against the U.S. Dollar on Friday.

The government on Saturday said a phased exit would begin on June 1 from the over-two-months-long nationwide lockdown.

Reliance Securities in a report said Asian currencies have more or less started with gains against the US gollar supported by less severe response from US President Donald Trump.

On the equities front, the 30-share BSE benchmark Sensex was quoting 865.44 points higher at 33,289.54 and broader Nifty rose 244.10 points to 9,824.40.

Foreign institutional investors were net buyers in the capital market, as they bought equity shares worth ₹1,460.71 crore on Friday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, fell 0.63% to $37.60 per barrel. The Dollar index, which gauges the greenback’s strength against a basket of six currencies, fell by 0.33% to 98.02.

Meanwhile, India’s GDP growth tumbled to 3.1% in the March quarter — the slowest pace since the global financial crisis more than a decade back. In 2019-20, the Indian economy grew by 4.2%, the slowest in 11 years.

You have reached your limit for free articles this month.

Subscription Benefits Include

Today’s Paper

Find mobile-friendly version of articles from the day’s newspaper in one easy-to-read list.

Unlimited Access

Enjoy reading as many articles as you wish without any limitations.

Personalised recommendations

A select list of articles that match your interests and tastes.

Faster pages

Move smoothly between articles as our pages load instantly.

Dashboard

A one-stop-shop for seeing the latest updates, and managing your preferences.

Briefing

We brief you on the latest and most important developments, three times a day.

Not convinced? Know why you should pay for news.

*Our Digital Subscription plans do not currently include the e-paper ,crossword, iPhone, iPad mobile applications and print. Our plans enhance your reading experience.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here