The rupee recovered by 13 paise on Wednesday to close at one-month high of 67.05 against dollar on fresh selling of the American currency by banks and exporters in view of sustained inflows from foreign funds amid a weak dollar in the overseas market.
The rupee opened higher at 67.10 as against Tuesday’s closing level of 67.18 at the Interbank Foreign Exchange (Forex) market and firmed up further to 67.0275 before closing at one-month high of 67.05, showing a gain of 13 paise or 0.19 %.
The rupee had last settled at 66.76 per dollar on June 10, 2016.
The rupee hovered in a range of 67.0275 and 67.2150 per dollar during the day.
The dollar index was trading lower by 0.12 % against a basket of six currencies in the late afternoon trade.
Meanwhile, the RBI fixed the reference rate for the dollar at 67.2046 and euro at 74.3484.
In cross-currency trades, the rupee moved down further against the pound sterling to end at 89.00 from 88.27 on Tuesday while recovered against the euro to 74.27 from 74.46.
The domestic currency continued to rule firm against the Japanese yen at 64.07 per 100 yen from 64.73.
Pramit Brahmbhatt of Veracity Financial Services said, “The rupee opened stronger by 8 paise at 67.10/dollar compared to previous close of 67.18/dollar, on back of positive cues from global equity market.”
“Taking cues from domestic equity market, the rupee remained positive for the day, but faced resistance at 67/dollar. In domestic equity market, we witnessed mild profit booking at higher levels, thus to close the day Nifty ended with negligible loss of 2 points at 8,519 levels. Thus the rupee ended with a gain of 13 paise at 67.05/dollar. Trading range for the spot dollar-rupee pair will be 66.80 to 67.20/dollar,” he added.