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Steep rise in rupee
MUMBAI:
Spurting by a steep 29 paise, the rupee climbed to a new three-month closing peak of 44.29/30 a dollar on Monday, buoyed by sustained heavy foreign institutional investment inflows into the fledgling economy amid a broader weak dollar.
Shrugging off flaring global oil prices, the rupee's dream-run at the interbank foreign exchange market gathered further momentum after the currency started distinctly firm at 44.32/34 and surged to a peak of 44.2550/2650, before settling at a fresh three-month closing high of 44.29/30, dealers said. Completing a five-session string of sharp gains, the rupee had appreciated by nearly 80 paise from last Monday's close of 45.08/09 a dollar, they added. — PTI
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