Rupee settles 78 paise higher at 75.16 a dollar on stimulus boost

The rupee, which opened on a positive note at 75.90, settled for the day with gains of 78 paise at 75.16 against the American currency

The Indian rupee surged by another 78 paise to 75.16 (provisional) against the US dollar on Thursday after Finance Minister Nirmala Sitharaman announced various welfare measures to tide through the coronavirus crisis.

Finance Minister Nirmala Sitharaman on Thursday announced a relief package for the poor and migrant workers in the country in light of the 21-day lockdown in the country to tackle the challenge posed by the coronavirus (Covid-19) pandemic.

Forex traders welcomed the government initiatives and said the revival of the economy though welfare measures was very much needed as the slowdown in demand was further hit by the pandemic.