The rupee continued its stellar run against the dollar to finish at a fresh 16-month high of 65.69 on Wednesday as exporters aggressively offloaded the US currency ahead of the Fed meet outcome.
Massive capital inflows on hopes of more reform measures following BJP’s strong show in the recently held State elections spurred the rupee’s biggest rally since early 2015.
The home currency resumed on a strong footing at 65.76 from Tuesday’s closing level of 65.82 at the Interbank Foreign Exchange (forex) market. Retreating from its intra-day high, the home unit finally settled at 65.69, registering a smart gain of 13 paise.