Rupee rises 32 paise to hit fresh 11-month high against USD

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rupee3Mumbai, May 19 (PTI) : Extending its rising streak for the fourth straight session, the rupee on Monday jumped by another 32 paise to trade at a fresh 11-month high of 58.47 against the US dollar in early trade on sustained foreign capital inflows after the Bharatiya Janata Party-led National Democratic Alliance swept the Lok Sabha elections.

Increased selling of the dollar by banks and exporters amid sustained foreign capital inflows supported the rupee, dealers said.

Besides, a strong rally in domestic equity market in opening trade and the euro’s gain against the dollar overseas also helped the rupee, they added.

The rupee rose 50 paise to 58.79 to end at 11-month high against the dollar on Friday.

Meanwhile, the benchmark Bombay Stock Exchange Sensex rose 275.82 points, or 1.14 per cent, to trade at 24,397.56 in opening trade.

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