Rupee surges 24 paise to 73.07 against $

Mumbai: Rising for the sixth straight session, the rupee spurted 24 paise to end at a nearly four-month high of 73.07 against the US dollar on the last day of the year on Thursday, supported by a weak American currency and rise in risk appetite.

Traders said market sentiments improved on hopes of global economic recovery following the rollout of Covid-19 vaccines and extraordinary fiscal and monetary stimulus. At the interbank forex market, the domestic unit opened at 73.15 against the US dollar and witnessed an intra-day high of 73.01 and a low of 73.17. The local unit finally settled at 73.07, registering a rise of 24 paise over its previous close. The rupee had last closed above this level on September 2 this year, when it had finished at 73.03. In the last six trading sessions, the Indian rupee has gained 77 paise. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.09 per cent to 89.59. "Rollout of vaccine strengthened hopefulness that surging infection cases may be checked. Additionally, UK granted emergency use authorization for vaccine developed by University of Oxford and AstraZeneca PLC," said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.