Mumbai:- Continuing its upward march for the fourth consecutive day, the rupee today surged by another 31 paise to end at a nearly seven-week high of 67.54 on persistent selling of dollars by banks and exporters in view of fresh foreign capital inflows.
A sustained rise in equity market also boosted the rupee sentiment. The sensex shot up further by 463.63 points or 1.95 per cent today.
The rupee resumed higher at 67.74 from yesterday’s closing level of 67.85 per dollar at the Interbank Foreign Exchange and shot up further to 67.53 before ending at a 7-week high of 67.54, showing a gain of 31 paise or 0.46 per cent.
The rupee had last ended at 67.29 per dollar on January 14, 2016.
It has gained by 118 paise or 1.72 per cent in four trading days.
The rupee hovered in a range of 67.53 and 67.77 per dollar during the day.
Meanwhile, the dollar index was up by 0.10 per cent against a basket of six currencies in the late afternoon trade.
The dollar was largely unchanged against the yen in Asian trade today, weighed by profit-taking despite an improvement in the market’s mood.
Pramit Brahmbhatt of Veracity Financial Services said, “The rupee opened on a positive note with a decent gain at 67.74/USD and since then we saw rupee strengthening taking cues from the domestic equity market, which saw a cheerful rally on the back of a rate cut hope in immediate monetary policy by the RBI”. .
PTI
