The rupee on Tuesday surged by 49 paise to close at 75.64 against the US dollar, following a rally in stock markets. At the interbank foreign exchange, the rupee opened at 75.92 and gained further ground to touch the day’s high of 75.60. The Indian unit finally settled at 75.64, registering a rise of 49 paise over its previous close.
The Reserve Bank of India (RBI) has reduced the timing of market hours for call money market, government securities market, currency market from April 7 to April 17 (from 10 am to 2 pm) following the unprecedented situation that has emerged due to the spread of coronavirus.
The forex market was closed on Monday on account of Mahavir Jayanti. Traders said investor sentiments remain fragile amid concerns over the impact of coronavirus outbreak on the domestic as well as global economy.
The number of deaths around the world linked to the new coronavirus has crossed over 74,000. In India, over 4,400 coronavirus cases have been reported so far.
Meanwhile, domestic stocks rallied on Tuesday with benchmark index Sensex going past the key 30,000-level. The 30-share index surged over 2,476 points, the biggest single-day gains in absolute terms, amid a broad-based rally in global equities.
