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The Indian currency closed 78 paise stronger, settling at 85.22 against the US dollar, after ending at 86.00 on Thursday
This upward movement was primarily fueled by a weaker US dollar and a strong performance in the domestic equity market. Representational image
The rupee recorded its most significant single-day appreciation since November 2022, driven by a weaker US dollar and robust domestic equity performance.
The Indian currency closed 78 paise stronger, settling at 85.22 against the US dollar, after ending at 86.00 on Thursday. During the session, it had briefly weakened to 86.04 before staging a 1.03 per cent gain, according to Bloomberg.
This upward movement was primarily fueled by a weaker US dollar and a strong performance in the domestic equity market.
The rupee has broadly underperformed its emerging market peers this month.
On Thursday, the rupee depreciated 36 paise to close at 85.95 against the US dollar.
Markets too saw an uptick on Friday, as the Sensex ended 769.09 points, or 0.95 per cent, higher at 81,721.08, while the Nifty 50 closed 243.45 points, or 0.99 per cent, positive at 24,853.15.
The rally came after markets opened flat, with the Sensex starting at 80,897.00 against its previous close of 80,951.99 and the Nifty opening at 24,639.50 compared to Thursday’s close of 24,609.70.
Also on Friday, the Reserve Bank of India (RBI) announced a dividend payout of a record Rs 2.69 lakh crore for the central government for the financial year 2024-25. This much-anticipated announcement was made after the 616th meeting of the RBI’s Central Board of Directors under the chairmanship of RBI governor Sanjay Malhotra.
(With agency inputs)
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