Rupee Moves Above 70-Mark Against Dollar

The rupee jumped 40 paise Friday to finish at an over one-week high of 69.95 against the US currency on strong dollar buying by banks and exporters amid the greenback’s weakness overseas.

Domestic stock markets extending gains for the third session also supported the local currency. BSE Sensex rose by 0.75 per cent to reclaim the 36,000-mark on across-the-board buying by investors. The broader NSE Nifty gained 0.74 per cent. Analysts said a weak dollar overseas and oil supply glut concerns propped up the domestic currency.

At the Interbank Foreign Exchange, the rupee opened strong at 70.05 a dollar against the previous close of 70.35. The local unit moved in a range of 70.12 to 69.89, before finally ending at 69.95, showing a gain of 40 paise or 0.57 per cent. This is its highest closing level since December 20, when the rupee ended at 69.70.