Rupee Spikes 5 Paise To Touch 73.45 Against US Dollar in Early Trade; Second Consecutive Day Of Fall

Indian Rupee spiked by 5 paise to reach 73.45 against the US dollar in opening trade on Thursday. The trend continues for the second consecutive day - rupee had spiked by 2 paise to reach 73.66 against the US dollar yesterday. 

Rupee opened at 73.51 against the dollar at the interbank foreign exchange today. It then spiked by 5 paise to reach 73.45 against the dollar. It had closed at 73.50 against the dollar on Wednesday. 

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.01 per cent to 93.11. Global oil benchmark Brent crude spiked 0.26 per cent to reach $75.66/barrel.

Forex traders told PTI that the broad weakness of the American currency in the overseas market and sustained foreign fund inflows supported the local unit, while high crude oil prices restricted the gains. Back home, the Union Cabinet on Wednesday announced a Rs 26,000 crore package to amplify automobile production in the country (Full Story). For the troubled telecom sector too, it approved a relief package granting four-year moratorium from paying statuatory dues and giving the greenlight to 100% FDI in the sector (Full Story). The two announcements are expected to further foreign inflows into the Indian economy.