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The rupee Thursday surged 24 paise to close at a one-week high of Rs 69.44 against the US currency on the back of a rally in equities and losses in the dollar after the US Federal Reserve hinted at a possible rate cut in near future.
The rupee rose to a high of 69.35 to the dollar in the day trade on the US Federal Reserve’s comments that a case for a rate cut has strengthened in view of the US-China trade war and low inflation.
At the interbank foreign exchange (forex) market, the domestic currency closed up by 24 paise or 0.34 per cent at 69.44, a level not seen since June 12.
The rupee had settled at 69.68 against the US dollar on Wednesday.
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