Rupee going strong against USD, hits two-week high of 66.51

Maintaining its strong edge and upbeat momentum, the rupee climbed to a two-week high of 66.51 against its US counterpart following heavy dollar unwinding after Federal Reserve's rate hike.
Financial and currency markets across the globe cheered Fed's announcement of interest rate hike by 0.25 per cent, ending the seven-year regime of near-zero interest rates.
The domestic unit opened firmly higher at 66.62 from Wednesday's close of 66.73 at the Interbank Foreign Exchange Market against the backdrop of overnight developments and continued its upsurge.
A strong rally in domestic equities further supported the sentiment.
Frantic dollar selling by banks and corporates alongside unwinded long dollar positions by speculators helped the rupee to rally at this juncture, a forex dealer said.

After months of lingering confusion, the Fed move removed all near term uncertainty, though the decision was widely expected, he added.
In global trade, the dollar traded at two-week highs against a basket of its major peers.