Rupee rebounds from 13-month lows, surges 29 p vs USD to 63.38

Rising for the first time in five sessions, Indian rupee today appreciated by 29 paise to close at 63.38 against the greenback following fresh dollar selling by exporters and foreign fund inflows in domestic debt.
At the Interbank Foreign Exchange (Forex) market, the domestic currency resumed lower at 63.72 a dollar from last close of 63.67.
The rupee then declined further to a low of 63.79 on some weakness in local stocks and month-end dollar demand from importers, mainly oil refiners.
Later, rupee bounced back on fresh dollar selling by exporters and some banks to a high of 63.3550 before ending at 63.38, showing a rise of 29 paise or 0.46 per cent.

In previous four straight sessions, the Indian currency had dipped by 47 paise or 0.74 per cent.
Meanwhile, the Indian equity benchmark S&P BSE Sensex today survived to settle in the positive terrain and closed 7.81 points higher. Foreign Portfolio Investors sold shares worth USD 34.28 million yesterday, as per Sebi data.
Pramit Brahmbhatt, Veracity Group CEO said, "Indian rupee traded strong for the day and closed positive after four days of fall.
"We have seen some foreign investors buying in domestic debt and even the dollar index fell in evening session which helped rupee to strengthen further. The trading range for the spot rupee is expected to be within 63-63.70.