Rupee ends strong at 74.88 against USD

Rupee ends strong at 74.88 against USD

Agency News

Mumbai, Mar 27: The Rupee on Friday closed at 74.88, registering a major gain of 35 paise against the greenback on the selling of dollars by bankers and exporters, dealers at the forex market said. The local unit advanced by 55 paise to 74.68 against USD in the early trade.

Later, it rallied by nearly 100 paise to 74.23 days low before closing at 74.88, up by 35 paise from its previous close. Slashing key rates by RBI also boosted the Indian currency. The repo rate and reverse repo rates were cut by 0.75 and 100 Bps, respectively. Now the repo rate is 4.4 pc and the reverse repo will be 4.15 pc, respectively. The rupee recorded days high and low at 75.41 and 74.23, respectively. The Indian currency spurted owing to the weak dollar against world currencies despite weak stock market, dealer added. (UNI)