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Rupee strengthens in 8 months to below 60 level against $

Continuing its rising streak, the rupee on Friday strengthened to below 60 level at 59.90 for the first time in the last eight month against the Greenback buoyed by strong local equities amid hefty capital inflows. Sustained dollar selling by exporters too aided the rise while dollar index was up by a mere 0.05 pct against its major global rivals.

At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced higher at 60.18, which was also the day’s low, a dollar from previous close of 60.31 and improved further to a high of 59.68 before settling at 59.91, showing a surge of 40 paise or 0.66 pct.

Previously, the rupee had logged its intra-day high of 59.52 on July 30, 2014 and registered its closing high of 59.41 on 29 July 2014. The Indian benchmark continued its record breaking spree and closed up by 125.60 points at new peak of 22,339.97 on frenzied buying by foreign funds as FIIs injected USD 375.44 mln Thursdayas per Sebi data. Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said, ‘Rupee traded strong throughout the day against the dollar and made an eight months high of 59.68, taking cues from the local equities which traded at all time high. The trading range for the spot USDINR pair is expected to be within 59.50 to 60.50.’

The BSE benchmark Sensex surged to record intra-day high of 22,363.97 points on buying by foreign funds for the fifth straight day on Friday but ended a tad lower at 22,339.97, which is its fresh closing record. The NSE’s Nifty index shot up by 54.15 points, or 0.82 per cent, to record closing high of 6,695.90, after hitting a life-time high of 6,702.60 in day trade.
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