The Indian rupee gained for the third session on Tuesday, surging by another five paise against US dollar to end at over one-week high of 61.31 on sustained selling of the greenback by banks and exporters in view of strong equity market and capital inflows.
The domestic unit resumed higher at 61.26 per dollar as against Monday’s closing level of 61.36 at the Interbank Foreign Exchange (Forex) Market.
It hovered in a range of 61.2475 per dollar and 61.3700 per dollar before concluding the day at 61.31 per dollar, a gain of five paise or 0.08 per cent. It has gained 52 paise, or 0.84 per cent, in three days.
Tuesday’s rupee closing is the strongest since 61.1 on October 13.
Exporters and banks preferred to reduce their dollar positions in view of good foreign capital inflows into equity market amid government announcing a slew of reforms.
In New York, the US dollar ended steady on Monday as foreign exchange markets braced for a batch of Chinese economic indicators amid lingering investor worries over signs of a slowdown in Asia’s economic powerhouse and global growth.
Weekend comments from members of the U.S. Federal Reserve also appeared to cement the view that the central bank will not hurry in raising rates.
