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    Photo PTI  
    Extending its rising streak for the fourth straight day, the rupee appreciated by 51 paise to trade at nearly four-month high of 60.90 against the dollar in early tradeMonday on sales of the US currency by banks and exporters and sustained foreign capital inflows.

    Besides, a higher opening in the domestic equity market, where the Sensex soared to an all-time high of 21,483.74 points after BJP’s victory in state Assembly elections and strengthening of other currencies against the dollar overseas, also supported the local currency, forex dealers said.

    The rupee had gained 34 paise to close at five-week high of 61.41 against the dollar on Friday.

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    The rupee rose to a five-week high against the dollar as the foreign exchange markets moved in line with sentiment in the equity markets after exit polls forecast a strong performance by the BJP.

    The domestic currency touched a high of 61.52 against the dollar before closing at 61.75, up 29 paise from its previous close of 62.06 against the dollar.

    What is also boosting the rupee is the $34 billion mobilized by RBI by swapping dollars raised by banks through non-resident deposits and ECBs. The dollar mop-up by RBI is expected to increase the foreign exchange reserves by $18-19 billion, according to Yes Bank.

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    Since January this year, the rupee has weakened 12.39% and has lost the second most among Asian currencies, after the Indonesian rupiah. Photo: Pradeep Gaur/Mint
    Since January this year, the rupee has weakened 12.39% and has lost the second most among Asian currencies, after the Indonesian rupiah. Photo: Pradeep Gaur/Mint
     
     
    The Indian rupee continued to decline against the dollar on Tuesday on demand for the US currency from importers.
    The Indian rupee closed at 62.77 per dollar, down 0.27% against its previous close of 62.5975 per dollar.
    The rupee had opened at 62.8550 per dollar and traded in the range of 62.4450 and 62.9075 per dollar.
    Since January this year, the rupee has weakened 12.39% and has lost the second most among Asian currencies, after the Indonesian rupiah.
    The dollar index, which measures the US currency’s strength against major currencies, was at 80.561, up 0.13% from its previous close of 80.449.
    India’s benchmark equity index Sensex edged 19 points higher to 19,920.21.
    Yield on the benchmark 10-year bond closed at 8.848%, down 0.3% compared with its previous close of 8.874%.
    The inter-bank call money rate stood at 9.5%, unchanged from the previous close.
    The government on Monday said its second half borrowing programme will remain unchanged at Rs.2.35 trillion and that it will meet its fiscal deficit target set this year.

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