Mumbai: The rupee surged to a nine-year high closing at 39.88/89 against the dollar, a level that has not been seen since May 1998. Spurred by strong Foreign Institutional Investor dollar inflows in the stock market, the rupee opened at 40.06/08 and ended the day at 39.88/89, up by 30 paise from the previous close of Rs. 40.20.
“Given the kind of bullishness in the domestic stock market the rupee is bound to appreciate further,” said Tarini Vaidya, Country Treasurer, Centurion Bank of Punjab Ltd. Market participants expect the rupee to strengthen further and touch 39.50 levels in the next couple of weeks.
