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Rupee rises for 5th day vs USD, up 4 paise to 63.40

Rupee vs dollar

Mumbai: Continuing its rising streak for the fifth straight session, the rupee in a volatile trade today ended higher by 4 paise to 63.40 against the US currency following consistent selling of dollar by banks and exporters.

A sharp rebound in local equity markets along with robust capital inflows predominantly weighed on the local unit, despite strong dollar overseas.

The rupee resumed sharply lower at 63.62 per dollar against the weekend close of 63.44 at the Interbank Foreign Exchange market, spooked by uncertainties surrounding to Greece crisis and massive selling in equities, and drifted further to hit a fresh intra-day low of 63.65 on initial dollar demand.

However, it witnessed a remarkable turnaround on fresh selling of the American currency to close firmly higher at 63.40, showing a gain of 4 paise, or 0.04 per cent.

The local currency has strengthened by 44 paise, or 0.69 per cent, over the last five sessions.

In overseas trade, the dollar traded higher against major currencies on expectations that the Federal Reserve will raise interest rates from record lows this year on the back of robust US macro data.

The US dollar index was up by 0.46 per cent to 96.82.

The BSE Sensex rose by 115.97 points to settle at 28,208.76.

Oil futures fell to the lowest level in almost three months after Greece overwhelmingly rejected debt bailout proposal by the country’s creditors amid worries about poor demand growth as well as global oversupply.

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