Rupee surges 28ps to settle at 83.14/$

Mumbai: The rupee jumped to over two-month high closing level and settled with a gain of 28 paise at 83.14 against the US dollar on Monday, tracking over 3 per cent surge in domestic equity benchmarks after exit poll results predicted a firm comeback of the ruling BJP-led government for the third straight term. Forex analysts attributed the steep rise in the local unit to a number of positive factors such as strong domestic macroeconomic data, inflow of foreign funds and a weak American currency against major Asian rivals. Also, they said lower level of the crude oil prices after OPEC+ grouping’s decision to maintain the status quo in the oil output supported the Indian currency.

At the interbank foreign exchange market, the local unit opened at 83.09 and moved between the peak of 82.95 and the lowest level of 83.17 against the greenback during intra-day deals. The unit finally settled at 83.14 against the dollar, registering a gain of 28paise from its previous close.

On Friday, the rupee declined 13 paise to close at 83.42 against the US dollar. Earlier, the rupee had closed at 83.13 against the dollar on March 21 this year. It had breached the 83.00 level on March 18. Also, the local unit clocked the highest single-day rise since November 15, 2023 when it closed 24 paise higher.