Rupee surges 50 paise to 92.56 against USD

MUMBAI: (Apr 8) The rupee appreciated 50 paise to 92.56 against the US dollar in early trade on Wednesday after US President Donald Trump announced suspension of military strikes against Iran for two weeks.

Forex traders said the two-week ceasefire announcement triggered a wave of outsized bargain buying amongst the risk assets as Asian Stocks, Dow futures, Gold and Silver all rallied while Brent Oil fell below USD 100 to USD 96 per barrel.

The rupee in accordance surged to 92.56 levels, with the RBI deadline still in place till the 10th of April (regarding squaring of positions taken overnight up to USD 100 million) while the RBI announces its monetary policy today at 10 am.