Rupee hits new 16 month high, at 65.36

Massive capital inflows on hopes of more reform measures following BJP win in state polls spurred the rupee.

By: ENS Economic Bureau | Mumbai | Published:March 21, 2017 2:28 am

Despite a weak stock market, the rupee on Monday ended at a fresh 16-month high of 65.36 against the American currency in the face of dollar unwinding from exporters and banks. The local currency resumed higher at 65.40 as compared to weekend close of 65.46 and staged a smart rebound to touch a high of 65.30 before ending at 65.36, showing a gain of 10 paise, or 0.15 per cent. Even as the Sensex fell 130 points, weak dollar overseas along with abundant capital inflows supplemented further strength to the local currency. Massive capital inflows on hopes of more reform measures following BJP win in state polls spurred the rupee.

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