Rupee builds on surge, up 9 paise against dollar

TIL Desk/Business/Mumbai-A day after it surged to a 16-month high on higher expectations of bold reforms, the rupee made a positive start — though muted — by rising 9 paise to 65.73 against the dollar today, backed by foreign inflows.

Selling of the US dollar by exporters and banks and its weakness overseas gave the rupee an upperhand, dealers said. Further, a higher opening in the domestic stock market fuelled rupee uptrend, they added.

Yesterday, the rupee had jumped a massive 78 paise to end at 65.82, a nearly one-and-a-half year high, amid expectations that BJP’s emphatic victory in Uttar Pradesh will embolden the government to go for more reforms. Meanwhile, the benchmark BSE Sensex rose by another 26.22 points, or 0.08 per cent, at 29,468.85 in early trade today.