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Rupee spurts 19 paise to 69.11 vs US Dollar

Thursday, April 11, 2019

Rising for the second straight session, the rupee advanced 19 paise yesterday to close at 69.11 against the US dollar on strong foreign fund inflows amid the greenback's weakness against key rivals overseas.

At the Interbank Foreign Exchange, the domestic unit opened at 69.26 and advanced to a high of 69.09. It finally settled at 69.11, showing a gain of 19 paise over its previous close.

The rupee had strengthened by 37 paise Tuesday to close at 69.30 against the US dollar.

Forex dealers said selling of the American currency by exporters supported the rupee. Moreover, IMF's bullish growth outlook for the Indian economy added strength to the local currency.

According to the International Monetary Fund (IMF), India is projected to grow at 7.3% in 2019 and 7.5% in 2020, supported by the continued recovery of investment and robust consumption, thus remaining the fastest growing major economy of the world.

"Rupee bulls are having upper hand over American dollar amid expectation of inflows through Vodafone-Idea right issue (USD 4 billion), Baring's investment in NIIT (USD 400 million) and Essar Steel acquisition (USD 7 billion)," said V K Sharma, Head PCG and Capital Markets Strategy, HDFC Securities.

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