Maintaining its bullish trend for a third straight day, the rupee today strengthened by another 14 paise to end at a near two-week high of 64.87 against the US currency on sustained dollar unwinding by exporters and banks.
A spectacular relief rally in local equities further supported the forex sentiment amid extreme bearish dollar overseas cues.
Robust capital inflows against the backdrop of solid macro-economic environment also weighed on the currency trade despite mounting expectations that the Federal Reserve will further speed up interest rate hikes this year.
The rupee resumed today on a positive note at 64.93 per dollar against last Friday’s close of 65.01 at the inter-bank foreign exchange here.
It traded in a tight range of 64.80 and 64.95 for most part of the day before ending at 64.87, a gain of 14 paise, or 0.22 per cent.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.