The Indian rupee Monday appreciated by another 44 paise to close at 69.26 to the US dollar in line with an intense rally in domestic equities amid hopes of a rate cut by the Reserve Bank.The domestic currency opened strong at 69.48 and later rose to the day's high of 69.10 at the interbank forex exchange market.The Indian unit finally settled at 69.26, higher by 44 paise from the previous close. "Falling crude oil and slowing economic growth boosted speculations of monetary easing by the Reserve Bank of India (RBI) in its next bi-monthly policy. The 30-share Sensex also saw its all-time peak in intra-day trade at 40,308.90; while the 50-share Nifty rose to 12,103.05 during the session to mark its all-time high.The BSE gauge finally settled 553.42 points, or 1.39 per cent, higher at 40,267.62. The broader NSE benchmark surged 165.75 points, or 1.39 per cent, to settle at 12,088.55.The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.8058 and for rupee/euro at 77.7288. The reference rate for rupee/British pound was fixed at 88.0093 and for rupee/100 Japanese yen at 64.08.

Source: Economic Times June 03, 2019 12:33 UTC