Mumbai, May 16 (PTI): The rupee surged by 31 paise to close at 70.03 against the US dollar on Thursday amid a sharp rebound in the domestic equity markets, even as oil prices firmed up.
This is the third straight session of gain for the domestic currency, during which it has strengthened by 48 paise.
At the interbank foreign exchange market, the rupee opened at 70.26 per dollar and advanced to a high of 69.99 during the day. It finally settled at 70.03, up 31 paise against its previous close of 70.34.
Persistent foreign fund outflows and rising crude oil prices capped the gains for the rupee, forex dealers said.
Globally, stocks markets wobbled and the Japanese yen rose after the US slapped sanctions on Chinese telecom major Huawei, escalating its trade conflict with China.
Sharma further said all eyes are now on the upcoming exit polls scheduled on May 19. “Huge volatility is expected in domestic currency between May 20 and 23,” he added.
