AGENCIES
MUMBAI, Apr 30: The rupee surged 42 paise to 84.54 against the US dollar on Wednesday as optimism around the US-India trade deal and unabated foreign fund inflows boosted investor sentiments. Besides, weakness in the greenback against major crosses overseas and lower levels of global crude prices supported the domestic unit, forex dealers said. At the interbank foreign exchange, the domestic unit opened at 85.15 and moved between the intra-day high of 84.47 and the low of 85.15 against the greenback. The unit ended the session at 84.54, registering a gain of 42 paise over its previous closing level. On Tuesday, the rupee gained 27 paise to settle at 84.96 against the US dollar. "The rupee traded strongly positive... supported by robust FII and DII fund inflows and optimism around US-India trade deal developments. Despite the dollar index remaining firm, the rupee strengthened on expectations that India could emerge as a key alternative to China in US trade flows, boosting confidence in Indian markets," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.
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