Rupee starts new year at record high

Rupee starts new year at record high

The rupee has started the new year on a high as it surged ahead to close at a new five-month high of 63.68 per dollar, thus, gaining 19 paise against the US counterpart. This is the highest closing for the domestic currency last August in 2017 when it had stopped at 63.63.

Continuing its winning streak since last few months, the rupee has strengthened by an impressive 47 paise in last three sessions.

With expectations of robust capital inflows into the domestic market on the back of relevant economic policy measures also played a part in keeping forex market undertone highly buoyant.

Meanwhile, data from Reserve Bank of India revealed that the country’s foreign exchange reserves went by higher by $3.53 billion as it touched a new life-time high of $404.92 billion in the week following to December 22, helped by a surge in foreign currency assets.

The rupee had risen almost 6 per cent against the U.S. dollar in the year aided by strong inflows into capital markets.