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Rupee ends fairly higher against greenback
Sep-25-2020

Erasing prevision session losses, Indian Rupee ended fairly higher against US dollar on Friday, on the back of selling of the American currency by exporters. Besides, gains in domestic equity markets also provided support to the rupee. Sentiments were buoyant as government has extended the suspension of fresh insolvency proceedings under the insolvency law by three months till December 25. This provides ‘breathing time’ for companies to recover from coronavirus pandemic-induced financial stress. The six-month period of suspension, which was effective from March 25, was to end on September 24. Meanwhile, the Reserve Bank of India (RBI) has said it will conduct simultaneous purchase and sale of government securities under open market operation (OMO) for an aggregate amount of Rs 10,000 crore each on October 1, 2020 on a review of the current liquidity and financial conditions. On the global front; dollar stabilised below its recent two-month highs on Friday and riskier currencies erased some of their weekly losses, while equity markets got a lift from hopes that U.S. fiscal stimulus talks would resume.

Finally, the rupee ended at 73.61, 28 paise stronger from its previous close of 73.89 on Thursday. The currency touched a high and low of 73.77 and 73.56 respectively. The reference rate for the dollar stood at 73.92 and for Euro stood 86.14 on September 24, 2020. While the reference rate for the Yen stood at 70.20, the reference rate for the Great Britain Pound (GBP) stood at 93.86.

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