Re at five-week high against $

Re at five-week high against $

The rupee bounced back by 37 paise to close the shortened week at over five-week high of 61.75 against the US dollar following smart rally in local equities amid sustained capital inflows.

Continued dollar selling by exporters and some banks as also weakness in dollar overseas too aided the rupee sentiment, a forex dealer said.

At the Interbank Foreign Exchange (Forex) market, the local currency commenced almost stable at 62.11 a dollar from last weekend’s close of 62.12 and immediately touched a low of 62.16.

However, it later rebounded on rally in stocks on the back of increased foreign fund inflows to settle the week at a high of 61.75, rise of 0.60 per cent. Last week, it had declined 19 paise or 0.31 per cent.

Previously, it had finished at 61.62 on January 20, 2014.

Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said, “ The tussle between oil importers and foreign investors forced rupee to trade in a tight range.”

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