Rupee gains 108 paise in two sessions as dollar weakens

Rupee gains 108 paise in two sessions as dollar weakens

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The Indian rupee has rallied by 108 paise in just two trading sessions to see its close at its highest level in more than a month mostly on the back of a short-term correction and weakening of the US dollar.

On Thursday, which witnessed fifth consecutive gain for the rupee against the greenback, the rupee opened stronger on back of foreign fund inflow and continued witnessing demand throughout the day to close at 75.1 a dollar, up 58 paise.

The rupee opened 51 paise higher at 75.16 per dollar against the previous close of 75.67.

The last time rupee was trading at such high levels was on March 26, 2020, when it was yet to test the 75-mark.

The dollar nursed losses on Thursday after the US Federal Reserve left the door open to more monetary easing and dampened expectations for a quick economic recovery from the coronavirus pandemic, indicating at a weakness in the dollar, according to the experts.

The three-month range for rupee stands in the range 74.00-77.20 and the six-month range is 73.00–78.00 considering panic situation amid COVID-19 spread, IFA Global said.