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Sharp rise in rupee

MUMBAI: The rate cut by the U.S. Federal Reserve set the rupee on fire and it breached its previous nine-year high to end at new peak of 40.20/21 on Wednesday against the U.S. currency amid sharp rally in global equities.

In active trade at the interbank foreign exchange market, the domestic unit opened strong at 40.28/30 per dollar against Tuesday’s close of 40.48/49.

It later briefly touched a low of 40.35 before ending the day sharply higher at new nine-year peak of 40.20/21, a net rise of 28 paise over the previous close. It also registered a intra-day high of 40.19 a dollar. Previously, it touched a nine-year high of 40.20 in July this year. — PTI

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