Mumbai: 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 61.77, 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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