24.4 C
New York
Monday, May 17, 2021

Rupee settles 78 paise higher at 75.16 a dollar on stimulus boost

Must read

Exodus to jungles, villages as Myanmar troops retake town

(C) Reuters. FILE PHOTO: A soldier uses a mobile phone as he sits inside a military vehicle outside Myanmar's Central Bank during a protest...

Sudan pursues debt relief pledges, investment at Paris conference

Economy11 minutes ago (May 17, 2021 02:32PM ET) 2/2 (C) Reuters. FILE PHOTO: A man counts notes after receiving the new Sudanese currency at a central...

3 Buy-Rated Tech Stocks That Are More Than 20% Off Their Recent Highs

Stock Markets12 minutes ago (May 17, 2021 02:30PM ET) (C) Reuters. 3 Buy-Rated Tech Stocks That Are More Than 20% Off Their Recent Highs As investors...

Explainer: Will attorney-client privilege apply to Giuliani’s communications?

World15 minutes ago (May 17, 2021 02:27PM ET) (C) Reuters. FILE PHOTO: Former New York City Mayor Rudy Giuliani speaks in Washington, U.S., November 19,...

Mumbai: The Indian rupee surged by another 78 paise to 75.16 (provisional) against the US dollar on Thursday after Finance Minister Nirmala Sitharaman announced various welfare measures to tide through the coronavirus crisis.

The government on Thursday unveiled a Rs 1.70 lakh crore economic package involving free foodgrain and cooking gas to poor for the next three months, higher wages to workers and measures to boost liquidity of employees as part of measures to ease the economic impact of lockdown.

Forex traders welcomed the government initiatives and said the revival of the economy though welfare measures was very much needed as the slowdown in demand was further hit by COVID-19 pandemic.

The rupee, which opened on a positive note at 75.90, settled for the day with gains of 78 paise at 75.16 against the American currency.

During the day, the domestic unit touched a high of 75.10 and a low of 75.94.

On Tuesday, rupee had gained 26 paise to settled at 75.94 against the US dollar.

Forex market was closed on Wednesday on account of Gudi Padwa.

“Rupee rallies, playing catch-up with Asian currencies, amid a stock rally after the US Senate passes virus rescue plan. India also announced Rs 1.7 trillion spending plan as part of measures to ease the economic impact of lockdown,” said VK Sharma, Head PCG & Capital Markets Strategy, HDFC securities.

- Advertisement -

Latest article

Exodus to jungles, villages as Myanmar troops retake town

(C) Reuters. FILE PHOTO: A soldier uses a mobile phone as he sits inside a military vehicle outside Myanmar's Central Bank during a protest...

Sudan pursues debt relief pledges, investment at Paris conference

Economy11 minutes ago (May 17, 2021 02:32PM ET) 2/2 (C) Reuters. FILE PHOTO: A man counts notes after receiving the new Sudanese currency at a central...

3 Buy-Rated Tech Stocks That Are More Than 20% Off Their Recent Highs

Stock Markets12 minutes ago (May 17, 2021 02:30PM ET) (C) Reuters. 3 Buy-Rated Tech Stocks That Are More Than 20% Off Their Recent Highs As investors...

Explainer: Will attorney-client privilege apply to Giuliani’s communications?

World15 minutes ago (May 17, 2021 02:27PM ET) (C) Reuters. FILE PHOTO: Former New York City Mayor Rudy Giuliani speaks in Washington, U.S., November 19,...

U.S. gas stations still shut, prices at 7-yr high in slow recovery from cyberattack

4/4 (C) Reuters. FILE PHOTO: A motorist tops up the fuel in his car's gas tank after a lengthy wait to enter a gasoline station...