Rupee surges 18 paise to close at 76.43 against U.S. dollar
The Hindu
On Thursday, the rupee had settled at 76.61 against the U.S. currency.
The rupee appreciated 18 paise to settle at 76.43 (provisional) against the U.S. dollar on Friday, tracking a weak greenback overseas and fresh foreign fund inflows.
At the interbank forex market, the domestic unit opened at 76.62 against the U.S. dollar. It moved in the range of 76.63 to 76.29 during the day trade.
The rupee finally closed at 76.43, registering a rise of 18 paise over its previous close.
On Thursday, the rupee had settled at 76.61 against the U.S. currency.
According to HDFC Securities Research Analyst Dilip Parmar, the rupee appreciated on the expectation of better inflows, a retreat in the dollar index and a rebound in risk assets.
"Market participants are expecting good inflows in LIC IPO after the recent oversubscription of Campus Activewear," Mr. Parmar said.
Moreover, the rupee has shown resilience among Asian currencies on the back of Central Bank intervention and inflows, he said.
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