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The rupee today staged a strong comeback after a brief overnight slump to close higher at 63.63, a smart 17 paise gain even as the US dollar’s recovery against major rivals overseas short-lived.
Fresh bouts of dollar selling interest from local corporates and exporters along with growing expectations of more foreign fund inflows largely supported the recovery momentum, recouping most of its losses.
The home currency had retreated from its 2-year high yesterday and lost 22 paise after four days of bull run.
The domestic unit resumed on a firm note at 63.77 from Monday’s close of 63.80 at the Interbank Foreign Exchange (forex) market on fresh dollar unwinding.
Maintaining its buoyancy, the rupee hit an intra-day high of 63.62 towards the fag-end trade before winding up the trade at 63.63, showing a steep rise of 17 paise, or 0.27 per cent.
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