Rupee stays at 1-wk high against dollar in roller coaster trading

The rupee today climbed to a two-week high of 68.53 before closing almost flat at 68.65 against the US currency in a roller coaster trading session.

The rupee today climbed to a two-week high of 68.53 before closing almost flat at 68.65 against the US currency in a roller-coaster trading session even as stocks continued their bullish ascent.

The rupee gained just one paisa to end at a fresh one-week high of 68.65 at interbank foreign exchange market here as month-end dollar demand from oil importers trimmed its early sharp gains.

The rupee oscillated between a high of 68.53 and a low of 68.76 in day trade.

Expectations of buoyant capital inflows along with likely initial public offering-related inflows predominantly outweighed the impact of broad overnight dollar gains, helping the rupee touched a two-week high in early trade.

However, the greenback's gains against some currencies overseas and dollar buying by importers, mainly oil refiners to meet their month-end requirements kept rupee under little pressure and capped the rise. Moreover, currency traders and speculators also avoided taking any positions ahead of the weekend and the much-awaited two-day RBI policy meet next week.

Meanwhile, the bulls continued to dominate stocks for the fifth-straight trading day with the benchmark Sensex surging over 352 points to close above the 37,000-mark for the first time, while the broader NSE Nifty too breached the 11,200-level.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)