The rupee on Tuesday hit an over three- and-a-half-month high of 53.13, up 15 paise, on renewed dollar selling and recovery of euro against the US currency overseas.
Forex dealers said sustained foreign fund flows also aided the trading sentiment in rupee’s favour.
The local unit commenced lower at 53.40 against the dollar from yesterday’s close of 53.28 at the Interbank Foreign Exchange (Forex) market.
It hovered in a range of 53.07-53.42 before settling at 53.13 on fag-end dollar selling, registering a gain of 15 paise, or 0.28 per cent, against the dollar.
“Initially, the rupee was seen depreciating taking cues from the falling euro and the recovery in the US dollar index. Euro fell below 1.3500 yesterday after the news of Spanish Prime Minister’s involvement in the corruption scandal,” said Abhishek Goenka, Founder and CEO, India Forex Advisors.
Foreign institutional investors pumped in over $92 million (Rs 489.27 crore) into local equities today, as per BSE provisional data.
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