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The Rupee on Thursday edged higher by 4 paise to 71.08 against the US dollar amid weakness in the greenback in overseas markets after the US Fed kept interest rate unchanged. Also, a massive rally in domestic equities lifted trading sentiment in forex market.
At the Interbank Foreign Exchange, the Indian currency opened significantly higher but erased the morning gains during the course of the day due to month-end dollar demand from oil importers and shed 22 paise from the day’s high.
After opening on a firm note at 70.92, the rupee climbed further to a high of 70.86 following dollar selling by exporters, before finally closing at 71.08, up 4 paise. The rupee had Wednesday ended with just 1 paisa loss at 71.12 a dollar.
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