Rupee Rises 31 Paise Against US Dollar

Mumbai: The rupee surged by 31 paise against the US dollar on Monday.  Easing of crude oil prices along with weakness in the dollar overseas supported the rupee, forex dealers said.

Snapping a three-day losing streak, the rupee had settled at 69.70 against the US dollar on Friday, 17 paise higher compared to the previous close.

Moreover, the domestic equity markets started the week on a strong note, with the S&P BSE Sensex gaining over 200 points and the NSE Nifty index coming less than 15 points away from the 12,000 mark in intraday trade.

Official data on Friday showed India’s GDP or gross domestic product grew 5.8 percent in the January-March period. With that, India lost its position as the fastest-growing major economy to China for the first time in one-and-a-half years.

The Monetary Policy Committee (MPC), led by RBI Governor Shaktikanta Das, will release its second bi-monthly policy statement of the current financial year after the conclusion of a three-day meeting on Thursday.

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