Rupee rallies by 58 paise on easing US yields


The rupee on Friday soared by 58 paise to end more than one-week high of 74.35 against the US dollar on easing US bond yields and positive domestic equities.

“US treasury yields fell as US Federal Reserve policy-makers signalled that central bank is not in hurry to reduce its support,” said Saif Mukadam, research analyst, Sharekhan by BNP Paribas.

The Sensex closed 28.35 points, or 0.06 per cent, higher at 48,832.03. Similarly, the Nifty50 rose 36.40 points, or 0.25 per cent, to 14,617.85. In the US, the S&P 500 and the Dow hit record highs after Morgan Stanley wrapped up bumper quarterly earnings reports from big banks.

By 2:07 p.m. ET, the Dow Jones rose 123.08 points, or 0.36 per cent, to 34,159 and the S&P gained 10.75 points, or 0.26 per cent, to 4,181.

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