Rupee logs best single-day gain in 6 months on forex inflows, stocks rally

The rupee on Wednesday surged by 65 paise -- its biggest single day spike since September 2020 -- to end at 72.72 against the US dollar on the back of weakness in the American dollar and rise in risk appetite in the global markets. A rally in domestic equities, foreign fund inflows and positive macro data also boosted the rupee sentiment. The US dollar weakened in the global markets as as investors took heart from an easing in bond yields that has alleviated worries over possible interest rate hikes. At the interbank forex market, the local unit opened at 73.26 against the greenback and witnessed an intra-day high of 72.71 and a low of 73.26. It finally settled at 72.72 against the American currency, registering a rise of 65 paise over its previous closing. The single-day rise is the highest since September 1, 2020, when the rupee had shot up 73 paise. "Market sentiments improved on hopes that massive stimulus packages from governments, easy monetary policies from central banks a

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