Rupee surges 28 paise to end at 60.65 vs dollar; logs 6th weekly rise

A weak dollar overseas and capital inflows helped the rupee rally for the second straight day

The Indian rupee today gained 28 paise, notching up its best daily gain in a month, to end strong at 60.65 against the Greenback on heavy dollar selling by banks and exporters amid positive cues from equity markets.

A weak dollar overseas and capital inflows also helped the rupee rally for the second straight day, forex dealers said. This helped the rupee to end with gain of 26 paise for the week, the sixth straight weekly rise.

Against its major global rivals, the dollar index was trading lower by 0.03%. This was ahead of some economic data and Fed's meeting on rates early next week.

At the Interbank Foreign Exchange (Forex) market, the domestic currency commenced lower at 60.97 a dollar from last close of 60.93 and immediately touched a low of 61.03.

It, later rebounded on dollar selling by exporters and some banks amid better domestic stocks to a high of 60.6450. It finally settled at 60.65, a rise of 28 paise or 0.46%.

This was its best daily gain since the 45-paise rise on August 14, 2014.

Government is scheduled to release Industrial Production (IIP) data for July and inflation based on consumer price index (CPI) for August 2014 after market hours later today.

Trading range for the spot rupee is expected to be within 60.10 to 61.00, said Pramit Brahmbhatt, CEO, Veracity Group.

The BSE Sensex today recouped 65.17 points, or 0.24%, ahead of the announcement of key macro economic data later in the day today. FPIs/FIIs had picked up shares worth USD 77.48 million yesterday, as per provisional data.