Economic stimulus boost rupee by 35 paise

Economic stimulus boost rupee by 35 paise

Mumbai: The rupee opened higher by 35 paise, for the fifth consecutive session, against the US currency on Monday on selling of dollar by banks and fresh inflow of funds as market sentiment was up after the government’s announcement for the stimulus package.

The domestic currency opened at Rs49.22 against the greenback, a gain of 35 paise over its previous close of Rs49.56/57, at the Interbank Foreign Exchange (Forex) market.

Dealers said that rupee gained on dollar selling by banks and exporters after a surging trend in global equity markets raised hopes of a rally in domestic stocks.

Asian markets on Monday opened on a positive note with Hong Kong’s Hang Seng moving up 5.95%, while Japan’s Nikkei rising 4.62% in early trade.

Rupee, in its last trading session, had closed 30 paise higher against the dollar on banks selling dollar heavily amid continuous fall in oil prices.