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Maintaining its bullish trend for a third straight day, the rupee today strengthened by another 14 paise to end at a near two-week high of 64.87 against the US currency on sustained dollar unwinding by exporters and banks.
A spectacular relief rally in local equities further supported the forex sentiment amid extreme bearish dollar overseas cues.
Robust capital inflows against the backdrop of solid macro-economic environment also weighed on the currency trade despite mounting expectations that the Federal Reserve will further speed up interest rate hikes this year.
The rupee resumed today on a positive note at 64.93 per dollar against last Friday’s close of 65.01 at the inter-bank foreign exchange here.
It traded in a tight range of 64.80 and 64.95 for most part of the day before ending at 64.87, a gain of 14 paise, or 0.22 per cent.
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