Rupee hits 32-mth high against $

The rupee hit a 32-month high of 63.37 , up four paise from its previous close on the back of a weaker dollar. The dollar has been weakening against other currencies as there has been uncertainty over rate hikes in the US.

According to dealers, the rupee gained on selling by exporters over fears that the currency would appreciate further. The last time the rupee was at current levels was in April 2015 when the local currency traded at 63.30. The rupee has strengthened by 55 paise since the start of 2018.

The rupee was also bolstered by the strong run in the equity markets which has been supported by FPIs in recent days. Globally, the greenback remained higher against other major currencies ahead of the highly-anticipated US jobs data due later in the day.

No comments: