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Rupee surges by 24 paise to 1-week high on US rate cut hopes

Rupee surges by 24 paise to 1-week high on US rate cut hopes SECTIONS Last Updated: Apr 28, 2021, 05:06 PM IST Share Synopsis At the interbank foreign exchange (forex) market, rupee closed up by 24 paise or 0.34 per cent at 69.44, a level not seen since June 12. The dollar index, which gauges the greenback s strength against a basket of six currencies, fell 0.49 per cent to 96.64. Related MUMBAI: The rupee Thursday surged 24 paise to close at a one-week high of Rs 69.44 against the US currency on the back of a rally in equities and losses in the dollar after the US Federal Reserve hinted at a possible rate cut in near future. The rupee rose to a high of 69.35 to the dollar in the day trade on the US Federal Reserve s comments that a case for a rate cut has strengthened in view of the US-China trade war and low inflation.

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