Rupee Ends at 2-Month High of 63.44 Against USD

Surging for the fourth straight day, the rupee gained 7 paise to end at 63.44 against the American currency on sustained dollar selling by banks and exporters amidst a soft greenback overseas.

Published: 03rd July 2015 07:21 PM  |   Last Updated: 03rd July 2015 07:21 PM   |  A+A-

By PTI

MUMBAI: Surging for the fourth straight day, the rupee gained 7 paise to end at 63.44 against the American currency on sustained dollar selling by banks and exporters amidst a soft greenback overseas.

Besides, robust capital inflows and rallying local equity markets supported the trading sentiment, forex dealers said.

Overall sentiment was largely optimistic following upbeat comments from Reserve Bank Governor Raghuram Rajan that the economy is picking up and the country can withstand any crisis emerging from the Greek fallout.

Extending its strong upmove, the rupee resumed firmly higher at 63.43 against Thursday's close of 63.51 at the Interbank Foreign Exchange (FOREX) market and strengthened further to hit fresh intra-day high of 63.35 before finishing at 63.44.

It registered a gain of 7 paise, or 0.11 per cent, a level not seen since May 5 this year.

In overseas trade, the dollar weakened against its major rivals in thin trade after a string of disappointing US macro data fuelled uncertainty over the timing of a rate hike and also caution among investors ahead of the much-awaited Sunday's referendum in Greece.

The US dollar index was down by 0.10 per cent at 96.19.

Crude prices eased after a brief overnight spike amid a glut of over-supply in global markets as well as lacklustre US macro data.

Meanwhile, foreign investors bought shares worth Rs 575.3 crore yesterday, according to provisional data.

The benchmark BSE Sensex jumped by 146.99 points to end at 28,092.79.

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp