Rupee sprints to 1-mth high of 63.78 vs US dollar

TIL Desk/Business/Mumbai/ Steering its spectacular run for the third straight session, the rupee today surged by 27 paise to hit a fresh one-month high of 63.78 against the dollar as the beleaguered US currency continued its incessant free-fall worldwide.

This was the best close for the domestic currency seen since August 8, when it had settled at 63.63 per dollar. A massive unwinding of dollar long positions by exporters and corporates predominantly lifted the rupee sentiment, also backed by extremely bearish dollar overseas undertone.

Continued optimism of fund inflows against the backdrop of improving macro-economic environment also supplemented the rally. The broad-based US dollar sell-off remained a key theme during forex session on Friday.

The home currency resumed with a gap-up at 63.85 as against Thursday’s close of 64.05 at the Interbank Foreign Exchange (forex) market. Maintaining its stellar momentum, it rallied strongly throughout the day and finished at 63.78, a sharp gain of 27 paise, or 0.42 per cent. On a weekly basis, the rupee appreciated by a good 24 paise against the US currency.