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The rupee strengthened to 67.98 at the interbank forex market today on fresh dollar selling by banks and exporters. However, strengthening of dollar against other currencies overseas and sustained FII outflows capped the rupee's gains.
The domestic unit opened weak by 8 paise at 68.16 at the interbank forex market today. It hovered in a range of 68.24 and 68.04 before ending at 67.99, up 9 paise at 5 pm local time.
According to forex dealers, the dollar hovered near an 11-month high against a basket of currencies on Thursday, supported by a rise in US yields, while the pound was at its lowest level since November 2017 ahead of a Bank of England monetary policy decision.
The dollar index against a group of six major currencies stood at 95.243 after rising to 95.299 overnight, its highest since mid-July 2017.
According to provisional data issued by stock exchanges, foreign portfolio investors (FPIs) had sold shares worth Rs 2,442.61 crore yesterday.
The local currency had staged a good comeback to end with a sharp gain of 30 paise at 68.08 against the US currency on Wednesday on heavy bouts of dollar selling by banks and exporters with equities gaining ground.
Meanwhile, the benchmark BSE Sensex ended lower by 114.94 points or 0.32 per cent at 35,432.39.
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