Rupee up 11 paise to 63.58/$

The rupee on Friday resumed its record-setting spree after a brief pause and closed at a fresh two-year high of 63.58, strengthening 11 paise even as panic dollar unwinding continued. The domestic currency had seen this level on July 22, 2015. Intra-day, the rupee hit a high of 63.55 against the dollar. The current rupee rally has been spurred by sustained foreign fund inflows on expectations of more aggressive reform measures that will boost long-term economic growth against the backdrop of an improving macro environment.