Mumbai : The rupee on Thurday strengthened for the second consecutive session against the dollar by rising 16 paise to 67.17 on sustained selling of the American currency amid a continued rally in domestic equities.
Fresh foreign fund inflows also weighed on the local currency. At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced slightly better at 67.32 a dollar from Wednesday’s closing value of 67.33. But, it trimmed initial gains and fell back on some dollar demand from banks and importers to touch an intra-day low of 67.39 during mid-morning deals.
However, overcoming the volatility, the rupee recovered smartly to touch a high of 67.14 on bouts of dollar selling from banks and exporters before ending at 67.17, revealing a good gain of 16 paise, or 0.24 per cent. After an uninterrupted nine-day slide, the domestic unit rebounded yesterday from its 2-1/2 month low with an impressive 42-paise gain – its sharpest single-day jump in over two months.