Fresh selling of dollars by banks and exporters in view of good foreign capital inflows coupled with lower dollar overseas boosted the rupee, say forex dealers.
The rupee resumed higher at 60.06 per dollar as against the last closing level of 60.39 per dollar at the Interbank Foreign Exchange (Forex).
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The rupee's rise today was the biggest since May 15.
The dollar index, a gauge of six major global rivals, was down by 0.44% today.
"US Fed has once again downgraded its economic outlook for the US economy, which is a hint that interest rate hikes are going to be delayed further. As a result, US Dollar weakened against major currencies in the Asian markets and that has spilled over into strength for the local unit," said Anindya Banerjee, currency analyst, Kotak Securities.
Yesterday, the US Federal Reserve signalled that rising inflation won't trigger an interest rate rise any time soon, while Iraq turmoil sent oil futures to highest this year.
Crude oil rose in Asia today following a surprisingly bullish US stockpiles report and on rising concerns that turmoil in Iraq will disrupt Middle East supplies. Benchmark for West Texas Intermediate rose and the one for Brent crude variety hit a nine-month high.
Meanwhile, the Indian equity benchmark Sensex failed to maintain initial gains and ended lower by 44.45 points, or 0.18%, at 25,201.80.
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