Rupee jumps to 1-mth high against dollar

The rupee surged to its highest level in more than a month on Tuesday, helped by dollar sales by exporters and robust dollar inflows into government debt. The rupee closed at 51.7 to the dollar, its strongest since December 8 and 1.5% higher than Monday’s close of 52.5. It was also the biggest intra-day gain for the rupee since December 16.

The rupee surged to its highest level in more than a month on Tuesday, helped by dollar sales by exporters and robust dollar inflows into government debt. The rupee closed at 51.7 to the dollar, its strongest since December 8 and 1.5% higher than Monday’s close of 52.5. It was also the biggest intra-day gain for the rupee since December 16.

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Traders said exporter selling dollars at 52.2 levels added to the rupee’s strength.

Net inflows into Indian debt so far in January stand at $1.7 billion against $213 million for equities, according to data by the Securities and Exchange Board of India.