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Rupee gains 63 paise

MUMBAI: Completing three straight sessions of appreciation, the rupee shot up by 63 paise to close at a two-and-a-half month high of 49.30/31 against the dollar on Tuesday on the back of sustained capital inflows and late recovery in domestic equity markets.

A weak dollar against some Asian currencies and selling by multinational banks as well as expectations of increased foreign funds inflow in share markets after a strong rally also boosted the rupee sentiment.

In active trading at the interbank foreign exchange market, the domestic unit resumed strong at 49.60/62 a dollar against Monday’s close of 49.92/94.

It moved in a range of 49.70 and 49.28 before concluding at 49.30/31. In the three sessions, the rupee has gained by 121 paise or 2.40 per cent.

Meanwhile, global crude oil prices were trading over $54 a barrel in Asian trade.

The Reserve Bank of India (RBI) fixed the reference rate for the U.S. dollar at Rs. 49.65 and for the euro at Rs. 66.31.

Rupee premiums on the forward dollar ended lower due to fresh receivings by exporters. — PTI

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