Scripting its second biggest single-day gain this year, the rupee today zoomed by 37 paise to close at a fresh 17-month high of 65.04 on the back of panic dollar selling by speculative traders and exporters.

This is the highest closing for the domestic unit since October 28, 2015 when it had closed at 64.93.

The home currency resumed on a firm footing at 65.27 from last Friday’s closing value of 65.41 at the Interbank Foreign Exchange (Forex) market.

Maintaining its buoyant momentum, the local unit hit an intra-day high of 65.01 in late afternoon deals before ending at 65.04, showing a massive spike of 37 paise, or 0.57 per cent.

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