Rupee continues winning streak, gains 1.5% in 3 days on foreign flows

Reduced dollar demand from oil firms, lack of RBI dollar buys prop up rupee

The rupee extended a stellar strengthening streak on Wednesday. It has gained 1.5 per cent so far this week as foreign investment flows continued to hit the currency market and as dollar demand from oil companies shrank, dealers said.

The rupee closed at 81.58 per US dollar on Wednesday, as against 81.79 per dollar at the previous close. The domestic currency ended the previous week at 82.78 per US dollar.

Over the past couple of days, the rupee has outperformed all its emerging market peers, traders said. This stands in stark contrast to the previous month, when the domestic currency