Rupee rises 45 paise to 76.42 against US dollar post RBI presser

Mumbai, Apr 17 (PTI) Indian rupee appreciated by 45 paise to 76.42 against US dollar in intra-day tre on Friday after Reserve Bank of India Goverr Shaktikanta Das anunced measures to ensure equate liquidity in system to ease financial stress caused by Covid-19 pandemic.

Forex trers said positive domestic equities and weakening of American currency in overseas also supported rupee.

At interbank foreign exchange, rupee opened at 76.59, and n gained furr ground and touched a high of 76.42 against US dollar, registering a rise of 45 paise over its previous close.

On Thursday, rupee h settled at an all-time low of 76.87 against US dollar.

central bank reduced reverse repo rate - rate at which banks park ir fund with central bank - by 25 basis points to 3.75 per cent.

This will encour banks to lend to productive sectors of ecomy.

With regard to or measures, Das said RBI will begin with giving an ditional Rs 50,000 crore through targeted long-term repo operation (TLTRO) to be undertaken in tranches.

Besides, he anunced a re-financing window of Rs 50,000 crore for financial institutions like Nabard, National Housing Bank and Sidbi.

"Combination of measures to boost liquidity, improve monetary transmission and relax repayment schedules is need of hour in which RBI has been proactive and repeatedly insisting that y would do whatever it takes.

"Ofcourse this provides much needed liquidity and positive mess for NBFC especially and a much elaborated stimulus pack is awaited," said Abhishek Goenka, Founder & CEO, IFA Global.

measures undertaken by RBI boosted investor sentiment. However, re are concerns over impact of coronavirus outbreak on domestic as well as global ecomy.

number of cases around world linked to new coronavirus has crossed over 21 lakh. In India, over 13,000 coronavirus cases have been reported so far.

Meanwhile, domestic bourses were tring on a positive te on Friday with benchmark indices Sensex tring 595.79 points higher at 31,198.40 and Nifty up by 169.45 points at 9,162.25.

Foreign institutional investors (FIIs) remained net sellers in capital market, as y sold equity shares worth Rs 2,920.36 crore on Thursday, according to provisional exchange data.

Brent crude futures, global oil benchmark, rose 2.05 per cent to USD 28.39 per barrel.

Meanwhile, dollar index, which gauges greenback's strength against basket of six currencies was tring 0.24 per cent lower at 99.78.