'Green Week' For Rupee As It Posts Largest Gains In Two Years

For the sixth straight session the rupee rose and appreciated 36 paise to eventually close at 86 (provisional) against the US dollar on Friday on a sharp rise in the Indian equity markets and fresh foreign capital flows.

The rupee also opened at 86.26 at the interbank foreign exchange, before touching an intraday high of 85.93 and a low of 86.30 against the dollar.

During this session, the unit ended at 86 (provisional) against he greenback, registering a gain of 36 paise as compared to its previous close.

The rupee stayed almost flat and rose just 1 paisa on Thursday to close at 86.36 against the US dollar.

After gaining for six session consecutively, the rupee has added 123 paise to its value.

"We expect the rupee to trade higher on strength in the domestic equities and fresh FII inflows. However, positive crude oil prices may cap sharp gains. USDINR spot price is expected to trade in a range of 85.80 to 86.25," a PTI report cited Anuj Choudhary - Research Analyst at Mirae Asset Sharekhan.

The dollar index, which gauges the strength of the greenback against a basket of six currencies, was trading 0.19% higher at 104.04.

The global oil benchmark, Brent Crude fell 0.29% to $71.79 per barrel in futures trade.

The 30-share BSE Sensex surged 557.45 points, or 0.73%, settling at 76,905.51, while the Nifty zoomed 159.75 points, or 0.69%, to close at 23,350.40 points.

According to exchange data, equities worth Rs 3,239.14 crore were purchased by foreign institutional investors (FIIs) on a net basis on Thursday.

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