Rupee scales new 16-mth high, up 10 paise at 65.36

Source: The Hitavada      Date: 21 Mar 2017 10:04:19


Mar 20,


THE rupee regained its dominance after a brief consolidation phase and ended on Monday at a fresh 16-month high of 65.36 against the American currency in the face of dollar unwinding from exporters and banks.
Weak dollar overseas along with abundant capital inflows supplemented further strength to the local currency.
The local currency resumed higher at 65.40 as compared to weekend close of 65.46 at the interbank foreign exchange (forex) market.

But, it soon succumbed to fresh dollar pressure and retreated to touch a low of 65.47 briefly in mid-morning deals. However, overcoming the initial volatility, the home unit staged a smart rebound to touch a high of
65.30 before ending at 65.36, showing a gain of 10 paise, or 0.15 per cent. It had lost 5 paise to end at 65.46 against the US currency on last Friday.