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Rupee opens 22 paise up at 75.88 against dollar

The dollar was weighed down against its major crosses ahead of the US Senate vote on $2 trillion stimulus package.

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Last Updated: Mar 26, 2020, 09.44 AM IST
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On the domestic front, market participants will be keeping an eye on what kind of stimulus package could be introduced by the government.
The rupee on Thursday opened 22 paise higher at 75.88 against the US dollar following some selling in American currency by banks and exporters amid a robust recovery in the equity market.

On the domestic front, market participants will be keeping an eye on what kind of stimulus package could be introduced by the government. There are expectations that the package could be as big as $20 billion and could be used to help the needy and to support businesses hit the hardest by the lockdown.

“Volatility for the currency could drop ahead of the important RBI policy statement that is scheduled next week. Hopes are that the central bank could consider cutting rates and adopt more easing measures. We expect the rupee (Spot) to quote in the range of 75.50 and 76.50,”Motilal Oswal Financial Services said.

The dollar was weighed down against its major crosses ahead of the US Senate vote on $2 trillion stimulus package that could be used to alleviate the devastating economic impact of the coronavirus pandemic.

Moreover, weak economic numbers from the US too hurt the greenback. Yesterday, Pound came under pressure due to lingering worries that Britain is not adequately prepared to deal with an increase in coronavirus cases after the flu-like illness ravaged health care systems in Italy and Spain.

Domestic forex market was closed on Wednesday on account of Gudi Padwa.

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