Millennium Post

Rupee hits 18-week high at 53.36 against US dollar

Extending its gains for the third straight session, the rupee on Tuesday gained 11 paise to hit a fresh over 18-week high of 53.36 against the US dollar on fag-end selling of the American currency by exporters. Forex dealers said signs of increased capital inflows amid stable dollar overseas also helped the rupee rally.

The rupee opened higher at 53.38 per dollar against last close of 53.47 at the Interbank  Exchange forex market. But it soon fell to a low of 53.63 on dollar demand from importers, mainly oil refiners, to meet their month-end requirements and also initial hesitancy in local equities.

Sudden dollar selling by exporters and heavy capital inflows later aided the rupee to bounce back.
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