The domestic currency closed at 81.92, 52 paise stronger than Friday’s close of 82.44 against the dollar. The rupee had last traded at these levels on October 6, when it closed at 81.89. Since then the exchange rate has been constantly below the 82 level and even breached 83 mark earlier this month.
The rupee gained in line with a rise in equity prices with the Sensex regaining the 61,000 levels after rallying 234 points.
Gains in the Sensex were led by State Bank of India which rallied 3.4% on the back of record profits.
Dealers said that dollar supplies had improved following inflows on account of inflows from foreign institutional investors. The Yuan also gained against the dollar despite the country sticking to its zero covid policy. Markets are now keeping a watch for US inflation numbers which are expected later this week.
The US Fed has raised its interest rates from near zero to 3.75% in 2022. The Fed funds rate is expected to cross 5% in 2023 as the central bank strives to bring inflation down from 8% to closer to the target of 2%.
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