Rupee up 18p to 1-week high of 64.44 per $ on capital glut

The rupee on Friday hit its upward trajectory against the dollar for the third straight day, surging 18 paise more to end at a one-week high of 64.44, buoyed by stocks that soared to life highs as the Modi government completed three years in power. A weaker greenback overseas along with abundant capital inflow and unwinding of long positions by traders and banks weighed on the dollar.

The home unit has appreciated by a whopping 45 paise in the last three days after rebounding from its recent 1-1/2 month low. The rupee resumed on a firm note at 64.56 from Thursday's closing value of 64.62. It was largely confined to a tight range for most part of the day before ending at 64.44, a gain of 18 paise, or 0.28 per cent. Confidence in the country's revival on the back of pro- growth reforms over the last three years bolstered the overall rupee sentiment.