Mumbai : Tracking strong performance in Indian stocks, the rupee appreciated 12 paise against the US dollar to end at an over six-and-a-half month closing peak of 60.77 buoyed by sustained capital inflows.
Continued dollar selling by exporters also aided the rupee’s upward journey for the second session in a row even as the dollar index was trading up 0.14 per cent against a basket of six major global currencies. Overseas funds pumped in over Rs 1,465 crore in Indian equities today, helping benchmark indices hit fresh highs. The rupee had last closed at 60.77 on August 6, 2013.
On Friday, the rupee zoomed 45 paise on the back of massive capital inflows linked to the government stake sale in Axis Bank. “Going ahead, we will track the number of reports due this week from US, euro zone to get further direction,” said Abhishek Goenka, Founder and CEO, India Forex Advisors.