The Indian rupee rose 13 paise to 75.90 against the US dollar on Friday, with the Reserve Bank of India keeping the benchmark lending rate unchanged.
RBI Governor Shaktikanta Das said the Indian economy has huge currency reserves and that it is ready and resolute to defend the economy when announcing the monetary policy.
The local unit opened at 75.99 against the US dollar in the interbank forex market, reached an intra-day high of 75.70, and finally closed at 75.90, up 13 paise from its previous close. Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.12 percent to 99.87.
In an off-policy cycle, the RBI dropped its policy repo rate, or short-term lending rate, to a historic low on May 22, 2020, in order to boost demand by decreasing the interest rate to a historic low.
The 30-share BSE Sensex closed the day 412.23 points or 0.70 percent higher at 59,447.18, while the broader NSE Nifty gained 144.80 points or 0.82 percent to 17,784.35. The global oil benchmark, Brent crude futures, climbed 0.99 percent to USD101.58 per barrel.
According to stock exchange data, foreign institutional investors were net sellers in the capital market on Thursday, offloading shares worth Rs 5,009.62 crore.
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