The rupee on Monday gained five paise to close the day at 63.25 against the dollar on fresh selling of the U.S. currency by exporters amid bullish stocks.
Dollar losing strength in the overseas markets also helped the rupee rise.
ADVERTISEMENT
At the inter-bank foreign exchange market, the rupee moved in the range 63.13 and 63.32 before settling at 63.25, showing a gain of 5 paise.
Foreign portfolio investors sold shares worth Rs.668.85 crore, as per provisional data with stock exchanges.
Pramit Brahmbhatt, Veracity Group CEO, said: “Today rupee started the day on the lower side taking cues from the dollar demand from oil importers .... But towards the end local equities supported rupee as it traded strong and posted gain.”
The Reserve Bank of India fixed the reference rate for dollar at 63.17 and for euro at 77.41.
The rupee also recouped against pound to 98.70 from the last close of 98.91.
ADVERTISEMENT