The rupee gained 52 paise against the dollar to end the day at a four-week high level of 75.66 on the back of strong domestic equities and weakening dollar.
The rupee opened strong at 75.94 compared with the previous close of 76.18. It touched the day’s high of 75.60, before closing at 75.66, up 52 paise from Tuesday’s close.
This is the third straight session of gain for the domestic currency, which has appreciated around 1% against the dollar this week.
“Rupee extended gains during late Asian trades on Wednesday beyond 76 on likely overseas inflows into local stocks amid Facebook-Jio deal related flows, Fed policy due tonight and ECB on Thursday,” said Jateen Trivedi, senior research analyst (commodity & currency), LKP Securities.
“Investors are cautious before major policy announcements. Not much is expected from the Fed with regard to change in policy but the statement will be of utmost importance.”
The dollar fell ahead of the Federal Reserve’s policy announcement later on Wednesday and the European Central Bank’s meeting on Thursday. The dollar index was trading 0.28% down at 99.58.
Published - April 29, 2020 10:20 pm IST
