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Rupee surge 33 paise to 68.41 vs USD

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Dion Global

03 Apr 2019

The rupee surged by 33 paise to close at 68.41 against the US dollar Wednesday amid the greenback's weakness against key rivals overseas, even as oil prices firmed up on supply concerns.

This is the third straight session of gain for the domestic currency, during which it has strengthened by 89 paise.

At the Interbank Foreign Exchange, the rupee opened at 68.72 per dollar and advanced to a high of 68.37 during the day. It finally settled at 68.41, up 33 paise against its previous close of 68.74.

Heavy foreign fund outflows, rising crude oil prices and selling in domestic equities capped the gains for the rupee, forex dealers said.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 1,040.48 crore Wednesday, as per the provisional data.

The dollar index, which gauges the greenback's strength against a basket of six currencies, tripped 0.37 per cent to 97.00.

Meanwhile, Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 68.4896 and for rupee/euro at 76.8800. The reference rate for rupee/British pound was fixed at 90.0204 and for rupee/100 Japanese yen at 61.45.