Rupee at 2-week high, rebounds 23 paise

In a tale of contrasting fortunes, the Indian rupee today appreciated by 23 paise to end at nearly two-week high of 54.18 on dollar selling and persistent capital inflows even as stock markets closed lower.

Earlier in the day, the rupee commenced higher at 54.30 a dollar from last closing of 54.41. It then moved erratically on alternate bouts of buying and selling in a range of 54.17 and 54.40 as higher-than-expected Industrial Production (IIP) data for January was partially neutralised by rise in retail inflation for February.

The rupee finally closed near the day’s high at 54.18, showing a rise of 23 paise or 0.42 per cent. This is the strongest closing level for rupee since 53.86 on February 27.