Mumbai: The rupee on 3 July touched nearly one- month high of 40.56/57 against the US dollar in late morning deals on fresh capital inflows from firm equity markets and sustained dollar selling by exporters.
In quiet trade at the Interbank Foreign Exchange (Forex) market, the domestic currency opened strong at 40.57/59 per dollar from Monday’s close of 40.65/66 a dollar.
It later improved further to quote at 40.56/57 a dollar, a gain of nearly eight paise over previous close.
In straight last three sessions, the rupee had garnered nearly 35 paise.
Weak dollar overseas against major rivals and sustained dollar selling by exporters helped the rupee’s surge.
Firm equity markets, where the benchmark Sensex was up by another 126 points in morning trade also boosted the rupee sentiment, expecting robust capital inflows in near term.
Lack of any intervention from the apex bank also led the rupee’s rally.
However, spiralling global crude oil prices above $70 a barrel could not able to stem the rupee’s strong upsurge.