Rupee Gains 53 Paise Against Dollar on Surprise Rate Cut

Mumbai: The rupee soared by 53 paise to trade at nearly two-month high of 61.65 against the dollar today at the Interbank Foreign Exchange after the RBI cut interest rates by 25 basis points to 7.75 per cent.

Forex dealers said besides a higher opening in the domestic equity market and dollar's weakness against other Asian currencies also supported the rupee.

The rupee had ended four paise lower at 62.18 on fresh dollar demand from banks and importers in yesterday's trade in view of fall in crude oil prices.

Meanwhile, the benchmark BSE Sensex zoomed by nearly 700 points to reclaim the 28,000 mark.