Rupee surges to close at 2-year high against US dollar

The Indian rupee on Wednesday strengthened past 64-mark to closed over two year high against the US dollar after the Reserve Bank of India’s (RBI) cut policy rates by 25 basis points and maintained its neutral stance as seen by most economists.

The rupee closed at 63.70 a dollar—a level last seen on 22 July 2015, up 0.59%, its maximum gains since 14 March, from its Tuesday’s close of 64.08. The rupee opened at 64.12 a dollar and touched a high of 63.60. So far this year it gained over 6.5%.Read more

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