The rupee strengthened to 64.98 on dollar selling by banks and importers and a firm domestic equity market.

The domestic unit resumed lower at 65.10 per dollar against the previous closing level of 65.04 at the interbank foreign exchange market today. It hovered in a range of 65.11 and 64.98 before quoting at 64.99, up 5 paise at 4.25 pm local time.

The forex market was closed on Thursday and Friday on account of Diwali holidays.

Overseas, the dollar touched a three-month high against the yen, with an emphatic election victory for Japan’s ruling party keeping yen-weakening stimulus measures at the heart of government policy.

Meanwhile, the benchmark BSE index closed higher by 116.76 points or 0.36 per cent at 32,506.72 as telecom stocks rallied after Reliance Jio had raised the tariffs last week.

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