Mumbai: The rupee on Monday strengthened further against the American currency by surging 16 paise to end at 68.07 on fresh selling of dollars by banks and exporters on the back of a sharp recovery in the equity market despite higher greenback overseas.
The rupee resumed higher at 68.20 per dollar as against the last Friday's closing of 68.23 at the Interbank Foreign Exchange (Forex) market and dropped further to 68.01 before concluding at 68.07, showing a gain of 16 paise or 0.23 per cent. The rupee has gained by 23 paise or 0.34 per cent in two days.
The domestic unit hovered in a range of 68.20 and 68.01 per dollar during the day. Meanwhile, the dollar index was up 0.14 per cent against a basket of six currencies in the late afternoon Asian trade. Overseas, the US dollar was mostly up against its major rivals in Asian trade.
Investor sentiment has turned positive after a rally in commodities and banking shares that elevated European markets and US stocks Friday. The positive mood has translated into a sharp recovery in the benchmark Nikkei Stock Average by 7.16 per cent.
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