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Indian rupee staged rose sharply against the US dollar today, tracking strong gains in domestic equity markets. After opening at 75.88 per dollar, the rupee moved to 75.42 at day's high, as compared to the previous close of 76.10. Investor sentiment was supported by sentiment that the government will soon announce a stimulus package to combat the impact of coronavirus on the economy. Forex market was closed on Wednesday on account of Gudi Padwa.
Domestic stock market benchmark Sensex surged over 1,000 points today after posting its best gain in over a decade in the previous session.
On Tuesday, rupee had gained 26 paise to settled at 75.94 against the US dollar after Finance Minister Nirmala Sitharaman said the government is working on an economic package to deal
The Indian rupee appreciated by 13 paise to 75.81 against the US dollar on Thursday tracking positive opening in domestic equities as assurance of a stimulus to fight the coronavirus pandemic supported investor sentiment.
In India, more than 600 coronavirus cases have been reported so far.
Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold equity shares worth ₹1,893.36 crore on Wednesday, according to provisional exchange data. (With Agency Inputs)