Rupee ends at 7-mth high of 60.85 vs $

Rupee ends at  7-mth high of 60.85 vs $

Rising for the fifth day in a row, the rupee on Monday appreciated 22 paise against the US dollar to end at an over seven-month high level of 60.85 on heavy capital inflows into equities that surged to a fresh record.

Sustained dollar selling by exporters and some banks also aided the rupee sentiment, limiting the impact of the US dollar’s gain in overseas markets.

The rupee commenced lower at 61.26 a dollar from last weekend’s close of 61.07 at the Interbank Foreign Exchange (Forex) market. With equities facing a choppy initial session, the rupee also touched a low of 61.34.

It later bounced back to a high of 60.79, before ending at 60.85 -level not seen since August 6, 2013 when it had closed at 60.77.  In five days, it rose 119 paise or 1.92 per cent.

The benchmark six-month premium payable in August dropped to 247.5-249.5 paise.  Far forward contracts maturing in February 2015 also dipped to 484-486 paise from 491-493 paise.

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