MUMBAI: The rupee hit a two-month high to close at 83.10 in the foreign exchange market on Friday, up 14 paise from its previous close of 83.24.
The rupee gained nearly 0.3 per cent this week – its biggest weekly gain in over five months. Dealers said that the currency gained as there were some chunky inflows of dollars in the foreign exchange market.Market sentiment also improved after the recent surge in equity indices, which came on the back of an announcement of a record Rs 2.1 lakh crore dividend by RBI to govt. The delayed reaction to the news was because foreign exchange markets were closed on Thursday due to Buddha Purnima.
“Despite the dollar index trading higher in recent days, the rupee showed resilience due to significant economic development in India,” said Jateen Trivedi, research analyst at LKP Securities.
