The rupee on Wednesday staged a stellar come back after a brief pause and hit a fresh 17-month peak of 64.87 by gaining 16 paise against the dollar on heavy selling of the American currency by banks and exporters.[InPostAds ad=”1″]
Robust foreign portfolio investment inflows and export proceeds continued to give the rupee strong underlying support, despite relatively firm greenback overseas.
The domestic currency resumed modestly lower at 65.07 as compared to Monday’s close of 65.03 at the Interbank Foreign Exchange.
It remained under immense pressure and drifted further to touch an intra-day low of 65.17 amid some caution ahead of the central bank policy meet.
However, overcoming the early volatility, the rupee staged a smart rebound in afternoon deals to hit a high of 64.85 before ending at 64.87, revealing a solid gain of 16 paise.