Rupee rises 18 paise at a one month high of 63.55 against dollar
Rising for the the third straight day, the rupee gained another 18 paise to close at one-month high of 63.55 against the US currency on sustained selling of dollars by banks and exporters amid firm stock markets.
Besides, a weak dollar against major world currencies globally after the Federal Reserve signalled it will move gradually once it starts tightening policy, supported the domestic unit.
The rupee resumed higher at 63.68 as against previous closing level of 63.73 at the Interbank Foreign Exchange (Forex) but eased temporarily to 63.86 in late trade. The domestic currency finally settled at one month-high of 63.55, a rise of 18 paise, or 0.28%.
The local currency has gained 71 paise or over 1% in three days to Friday. India Forex Advisors said the rupee is expected to trade in 63.40-64.50 range in the short term. "Importers are advised to cover on dips near 63.60 for near term," it said.
The benchmark BSE Sensex ended higher by 200.34 points, or 0.74%, at 27,316.17. Meanwhile, RBI on Friday fixed the reference rate of rupee at 63.8195 against the US dollar and at 72.3585 for the euro as against 63.8495 and 72.4564 on Thursday. The reference rate for Japanese yen was fixed at 51.8300 per 100 yen and 101.2560 for the pound.
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