Mumbai: The rupee continued its upward march for the second consecutive day on 16 March, ending at a one-month high of 44.11/12 against the US currency on dollar sales by exporters amid easing global crude oil prices.
In active trade at the inter-bank foreign exchange market, the Indian unit resumed strong at Rs44.16/18 a dollar against a close of Rs44.19/20 achieved on the previous day .
It later fluctuated in a range of Rs44.10 and Rs44.22 on alternate bouts of buying and selling, finally ending at Rs44.11/12, a level not seen since 15 February.
Even the fall in the equity market, whose benchmark Sensex declined sharply by over 113 points, did not adversely impact sentiment on the rupee.
On the international front, the dollar fell to a 3-month low against the Euro and showed no signs of a recovery as shaky equity markets weighed down the dollar sentiment.
The rupee also surged due to lack of any dollar buying from oil refinery companies as global crude oil prices fell below $58 a barrel. Besides, there was no intervention by the Reserve Bank.