Extending gains for the fourth straight day, Indian rupee on Wednesday closed four paise up at over one-week high of 61.27 against the Greenback, amid fag-end dollar demand that erased some gains for the local currency.
Fresh capital inflows and a rally in stocks helped the rupee rise. The dollar index was last trading almost stable against its major global rivals in overseas markets.
At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced strong at the day’s high level of 61.15 from previous close of 61.31.
Later, rupee met with strong resistance and fell back to a low of 61.30 before concluding at 61.27, a rise of four paise or 0.07 per cent. In straight four sessions, rupee has gained 58 paise or 0.91 per cent.
The Indian benchmark S&P BSE Sensex on Wednesday rallied by 212 points or 0.80 per cent to end at one-month high, extending gains to the fourth session in a row.
FIIs bought shares worth $ 18.85 million on Tuesday, as per SEBI data.
Pramit Brahmbhatt, Veracity Group CEO, said, “Rupee continues to trade strong tracking the gains in local equities. The trading range for the spot rupee is expected to be within 60.80 to 61.80.”
