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Maintaining its upbeat trend for the third-straight session, the rupee today firmed up by another 10 paise to end at a fresh two-month high of 64.31 against the US dollar ahead of the GDP data.
Heavy unwinding of dollars by some foreign banks and corporates predominantly supported the upbeat trend.
The rupee resumed on a weak note at 64.46 at the Interbank Foreign Exchange (forex) market from Tuesday’s close of 64.41 due to increased month-end dollar demand from importers and lost further ground to hit an intra-day low of 64.52.
However, overcoming early volatility, the domestic unit bounced back sharply to touch a high of 64.27 late afternoon deals before ending at 64.31, with a gain of 10 paise.
Expectations of encouraging GDP numbers after a dismal Q1 show are keeping the forex sentiment highly buoyant, a forex dealer said.
The GDP numbers for the September quarter will be released on Thursday.
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