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The rupee rose to an over five-and-a-half month high of 43.98 against the US dollar in the morning trade today on fresh selling of dollar by exporters and banks on the back of sustained foreign capital inflows into equity markets, coupled with a lower dollar overseas.
Exporters and banks preferred to reduce their dollar position in view of persistent capital inflows from FIIs into the equity markets.
The dollar fell to a near 15-month low against the euro in the Asian markets today as crude oil rose to a two-and-a-half year high.
Foreign Institutional Investors (FIIs) have bought shares worth nearly $2.68 billion since March 22.
At the Interbank Foreign Exchange (forex) market, the local unit opened higher at 44.08/10 per dollar against Thursday’s closing level of 44.20/21 per dollar and moved up further to 43.98. At 10.30 a.m., the rupee was quoting at 44.00/01 per dollar.
It moved in a range between 43.98 and 44.15 per dollar in the morning deals.
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