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Rupee rises further

MUMBAI: The rupee on Wednesday appreciated further for the third successive day to settle at 39.70/71 against the dollar, enlivened by increased portfolio investments into the unprecedented rally in equity markets.

In active trade at the interbank foreign exchange market, the domestic unit opened strong at 39.68/70 against Tuesday’s close of 39.7350/7450. Later, it gyrated erratically in a range of 39.63, nearly 9-1/2 year high, and 39.73. Finally it ended the day higher at 39.70/71.

Bullish local stock markets mainly helped the rupee surge, forex dealers said.

Weak dollar overseas also initially pushed the rupee upwards. However, dollar buying by oil refiners and other importers for their month-end requirements later weighed on the rupee and it fell back to a low of 39.73 a dollar.

The RBI fixed the reference rate for the U.S. currency at Rs. 39.70 a dollar. — PTI

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