The rupee on Tuesday hit an over three-and-a-half month high of 53.13, up 15 paise, on renewed dollar selling and recovery of euro against the US currency overseas.

Forex dealers said sustained foreign fund flows also aided the trading sentiment in rupee’s favour.

The local unit commenced lower at 53.40 against the dollar from yesterday’s close of 53.28 at the Interbank Foreign Exchange (Forex) market.

It hovered in a range of 53.07—53.42 before settling at 53.13 on fag-end dollar selling, registering a gain of 15 paise, or 0.28 per cent, against the dollar.

Foreign institutional investors pumped in over USD 92 million (Rs 489.27 crore) into local equities today, as per BSE provisional data.

During the Indian Forex market hours, the euro was trading flat at 1.3513 against the US dollar, paring previous losses.

“The euro and pound, which had lost most to US dollar in previous session, rebounded from their lows after the better than expected UK services PMI numbers were reported. Recovery in European markets today also aided the rupee,” said Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said

Meanwhile, the BSE benchmark Sensex today closed down by 91.37 points at 19,659.82.

RELATED NEWS

Rupee down 5 paise against dollarFebruary 5, 2013

More In: Markets | Business