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Rupee zooms to three-year high

Mumbai, Oct. 3: The rupee today hit a three-year closing peak against the dollar driven by strong inflows from foreign institutional investors (FIIs), expatriate remittances and exporter sales. A weak greenback against other currencies also contributed to its rise.

It closed at 45.39/40 per dollar, a 17 paise gain over its previous close. It has thus strengthened by 44 paise over the past two trading sessions.

A senior dealer with a private bank said the Indian currency is likely to open on a strong note on Monday and remain in a positive note unless the nationalised banks buy dollars to stem its rise.

Over the next few days, we could see the rupee appreciating to around Rs 45.20 per dollar, the analyst said.

Sources add that foreign fund inflows are likely to remain strong over the next few days as India Inc is set to unveil its second quarter results shortly. It is widely expected that corporates are likely to present robust figures. Purchases by FIIs are placed at over $3 billion in the current year.

Dealing room sources said the rupee opened at Rs 45.53/56 per dollar against its previous finish of 45.56/57 on bunched up dollar supplies. The forex markets were closed on Thursday to mark the birth anniversary of Mahatma Gandhi. The strong opening soon gathered speed and the rupee breached past the crucial 45.50 psychological level in early trade.

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