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Rupee hits one-month closing high
MUMBAI:
Rising crude oil prices notwithstanding, the rupee on Wednesday spurted by 35 paise to hit a one-month closing high of 45.7350/7450 a dollar, buoyed by robust trade and foreign institutional investment inflows amidst a retreating dollar overseas with the outlook positive for more gains.
In active trading at the interbank foreign exchange market, the rupee breached key resistance levels and strode to a new one-month peak of 45.73/74, before settling at 45.7350/7450 after a distinctly weak U.S. currency spurred hectic dollar sales by exporters, dealers said.
Unwinding of long dollar positions by banks on the back of strong FII inflows into the booming equity markets also helped the smart rupee surge despite rising crude oil prices, they added.
The rupee had last ended at firmer levels of 45.72/74 on November 14. — PTI
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