Rupee rallies at open after Fed cuts rates

The rupee rises by a fifth of a per cent, buoyed by expectations of gains in local stocks and capital inflows after the US Federal Reserve cut its benchmark rate by 75 basis points to 3.5 pc.

The rupee rose by a fifth of a per cent on Wednesday, buoyed by expectations of gains in local stocks and capital inflows after the US Federal Reserve cut its benchmark rate by 75 basis points to 3.5 per cent.

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At 9 am (0330 GMT), the partially convertible rupee was at 39.45/46 per dollar, after strengthening as far as 39.40. It had closed Tuesday at 39.48/49.

The rupee hit a near-decade high of 39.16 hit in November.