Rupee jumps 18 paise to close at 83.11 against U.S. dollar
The Hindu
The rupee rallied for the fourth consecutive trading session on May 24 and appreciated by 18 paise to settle at 83.11 (provisional) against the U.S. dollar
The rupee rallied for the fourth consecutive trading session on May 24 and appreciated by 18 paise to settle at 83.11 (provisional) against the U.S. dollar on fresh foreign fund inflows and suspected intervention by the RBI.
Forex traders attributed the rally to ₹2.11 lakh crore record dividend by the RBI to the government for the fiscal ended March 31. It was more than double the budgeted expectation, helping shore up revenue ahead of a new government taking office.
At the interbank foreign exchange, the domestic unit opened at 83.26 and moved in the range of 83.03 and 83.26 against the greenback during the session.
The local unit finally settled at 83.11 (provisional) against the dollar, registering a rise of 18 paise from its previous close. In the last four trading sessions the local unit has added 39 paise against the American currency.
The forex market was closed on May 23 on account of 'Buddha Purnima'.
On Wednesday, the rupee appreciated by 2 paise to settle at 83.29 against the U.S. dollar.
"The Indian rupee gained on suspected intervention by the Reserve Bank of India (RBI). The RBI's ₹2.11 lakh crore dividend to the government also boosted market sentiments.
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