Rupee hits one-month high against dollar on corporate dollar inflows

MUMBAI (Reuters) - Indian rupee hit a one-month high against the U.S. currency on Wednesday led by likely corporate dollar inflows, five traders said.

The rupee hit the day's high of 82.1250 to the dollar, its highest since May 12, and was up 0.3% at 1:55 p.m. IST. It had ended at 82.3675 in the previous session.

"A large foreign bank is on dollar sales, most likely on behalf of a leading telecom company," a trader with a state-run bank said. "Once the rupee rose above 82.24, dollar long stop losses were hit."

 

(Reporting by Siddhi Nayak; editing by Eileen Soreng)