Mumbai, India (BBN) - A day after it surged to a 16-month high on higher expectations of bold reforms, the Indian rupee made a positive start — though muted — by rising 9 paisa to 65.73 against the US dollar, backed by foreign fund inflows.
Selling of the US dollar by exporters and banks and its weakness against other currencies overseas gave the rupee an upperhand, dealers said, reports The Hindu Business Line quoting PTI.
Further, a higher opening of the domestic stock market fuelled the rupee uptrend, they added.
Yesterday, the rupee had jumped 78 paisa 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.
BBN/SK/AD