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

The Indian rupee jumped 78 points to 75.16 (preliminary) against the US dollar Thursday after Finance Minister Nirmala Sitharaman announced various welfare measures to deal with the coronavirus crisis.

Finance Minister Nirmala Sitharaman announced Thursday a rescue plan for poor and migrant workers in the country in light of the 21-day closure in the country to meet the challenge posed by the coronavirus pandemic (Covid-19 ).

Forex traders welcomed the government’s initiatives and said that a revival of the economy was necessary, although welfare measures were necessary as the slowdown in demand was further affected by the pandemic.

READ ALSO: Coronavirus LIVE: Govt presents a rescue plan of Rs 1.7 trn for the poor locked out

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

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During the day, the domestic unit reached a maximum of 75.10 and a minimum of 75.94.

On Tuesday, the rupee gained 26 points to settle at 75.94 against the US dollar.

READ ALSO: Growth over the next 2 quarters will not exceed 3% due to the coronavirus: Pronab Sen

The Forex market was closed on Wednesday due to Gudi Padwa.

“Rupee rallies, catching up with Asian currencies, in the midst of a stock market rally after the US Senate adopted the virus rescue plan. India also announced a 1.7 trillion rupee spending plan in as part of measures to mitigate the economic impact of the foreclosure, “said VK Sharma, Head of PCG Strategy and Financial Markets, HDFC Securities.

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