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This is an archive article published on March 7, 2014

Re rises to near 3-month high

The domestic currency was strengthened by sustained foreign funds inflow and dollar selling by exporters and some banks.

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The rupee rose by 64 paise to 61.11 against the dollar, its highest level in three months after the Reserve Bank data showed the current account deficit shrank to the lowest level in four years.

The domestic currency was strengthened by sustained foreign funds inflow and dollar selling by exporters and some banks.

The rupee started the day at 61.51 from previous close of 61.75 and bounced back to a high of 61.10 in line with local equities. It ended at 61.11, the biggest daily gain since November 18, 2013, when it rose 70 paise.

Pramit Brahmbhatt, CEO, Alpari Financial Services, (India) said: “The rupee strengthened to its highest in nearly three months taking cues from the domestic share market as the Sensex hit a record high, backed by the FII buying. Also, the country’s CAD narrowing in the December quarter helped the rupee appreciate.”

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