₹ too parties, rises 16p to 1-month high of 64.59/$

Mumbai: Keeping pace with the stunning rally in domestic equities, the rupee on Wednesday surged by a solid 16 paise to end at an over one-month high of 64.59 against the US currency following frantic dollar unwinding. Overall forex market sentiment witnessed a sea change in the macroeconomic parameters after India jumped to 100th position in the World Bank's 'ease of doing business' ranking following government's strong policy measures to attract investments and revive the economy.

Adding more value, eight core sectors grew to a six-month high of 5.2 per cent in September, helped by a robust performance in coal, natural gas and refinery segments, official data showed. The rupee has been rallying over the past three sessions against the greenback and appreciated by a healthy 46 paise. This is the highest closing for the home currency since September 20, when it had ended at 64.27. Wide-ranging reforms have been undertaken in the last few months and that have led to improved investment climate, a forex dealer commented.