Rupee rises by 21 paise to 76.25 in line with firm stocks
India TV NewsThe rupee rose by 21 paise to close at 76.25 against the US dollar on Monday, tracking positive domestic equities and weakening of the American currency in the overseas market. Equity benchmark Sensex settled 416 points or 1.33 per cent higher, led by gains in financial stocks as RBI's Rs 50,000-crore stimulus to mutual funds and positive cues from global markets buoyed investor sentiment. "Later this week, the Federal Reserve and the European Central Bank meet is due hence the rupee will be in momentum the entire week," said Jateen Trivedi, Senior Research Analyst at LKP Securities. Forex traders, however, said Reserve Bank of India Governor Shaktikanta Das' comment on fiscal deficit weighed on the rupee sentiment. He mentioned in an interview that the government will probably miss its fiscal deficit target of 3.5 per cent of GDP in financial year 2021 owing to the COVID-19 pandemic," said Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services.