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Showing resistance against early volatility, the rupee today surged by a hefty 20 paise to end at a fresh two-month high of 64.50 against the beleaguered dollar even as S&P kept India’s credit rating unchanged.
The rupee marked its best closing since September 20. It had tumbled to a low of 64.83 in early trade.
In early trade, the rupee resumed almost flat with negative bias at 64.71 from last weekend level of 64.70 in knee-jerk reaction to the S&P rating outcome.
But, later drifted sharply to hit a fresh intra-day low of 64.83 on immense dollar pressure before a spirited recovery in mid afternoon deals.
After climbing a fresh high of 64.49 towards the tail-end trade, the local unit finally settled at 64.50, revealing a smart gain of 20 paise. .
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