The rupee on Wednesday staged a stellar comeback after a brief pause and hit a fresh 17-month peak of 64.87, gaining 16 paise against the US dollar on heavy selling of the American currency by banks and exporters.
The domestic currency resumed modestly lower at 65.07 compared to Monday’s close of 65.03 at the Interbank Foreign Exchange. It remained under immense pressure and touched an intra-day low of 65.17 amid some caution ahead of the central bank policy meet on Thursday. However, overcoming the early volatility, the rupee staged a smart rebound in afternoon deals to hit a high of 64.85 before ending at 64.87, a gain of 16 paise.