Rupee surges to an 18-month high

The Indian rupee on Friday surged by 26 paise to touch an 18-month high against the US currency on persistent selling by banks and exporters amid sustained capital inflow into the domestic equity markets. In early trade, the rupee resumed lower at 45.52/53 per dollar, against its Thursdays closing level of 45.49/50 on some demand for dollars from banks following overnight rise in New York. However, it recovered sharply towards the fag end of the day to close at 45.23/24 per dollar, the highest in over 18 months, due to heavy selling of dollars.

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