Rupee gains 17 paise

 The surge came after a part of the Resurgent India Bond (RIB) redemption proceeds flowed into the domestic banking system. Dealers said foreign institutional investor investments were particularly strong, which in turn led banks to liquidate their long positions.

 The rupee had finished at 45.5575/5675 a dollar on October 1. The markets were closed on Thursday.

 The value of the rupee has, therefore, risen 1.01 per cent against the dollar this week, taking gains for the year to date to 5.7 per cent.