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The rupee strengthened to a fresh five-month high of 63.44 as the euro climbed to a four-month high against a broadly weaker dollar, the first trading day of 2018, due to optimism over a brightening economic picture in the euro zone.
The domestic unit opened a tad strong at 63.67 at the Interbank Foreign Exchange market today. It hovered in a range of 63.77 and 63.44 before quoting at 63.44, up 24 paise at 4.30 pm local time.
The Sensex and Nifty ended on a flat note as caution prevailed ahead of corporate results due later this month. Indian shares started off the new year on a weak footing, after ending 2017 with their biggest annual gains in three, as investors braced for corporate results, including from Tata Consultancy Services Ltd and Infosys Ltd next week.
The euro started the year by adding to those gains, climbing 0.3 per cent to $1.2046 at 0839 GMT, within sights of the $1.2092 it hit in September, the highest since early 2015. The single currency was also higher against the Japanese yen at 135.64, reaching levels not seen since late 2015.
Starting the New Year on a highly bullish note, the rupee had on Monday surged ahead to close at a fresh five-month high of 63.68 a dollar, gaining 19 paise against its US counterpart. This is the highest closing for the home currency since August 8 last year when it had settled at 63.63.
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