Rupee settles 12 paise higher against U.S. dollar at 65.36

So far this year rupee gained 3.9% while foreign institutional investors have bought $3.98 billion

So far this year rupee gained 3.9% while foreign institutional investors have bought $3.98 billion

Indian rupee has strengthened against USA dollar on Monday.

A weak dollar in overseas markets and selling of the United States currency by exporters and banks supported the rupee in opening trade, forex dealers said.

The domestic unit opened strong by 8 paise at 65.38 at the Interbank Foreign Exchange market.

On Friday, the rupee had lost 5 paise to end at 65.46 against the USA currency on dollar demand from importers and suspected RBI intervention, ending its four-day dream run. Local currency rose 12 paise or 0.18 percent against dollar to settle at 65.36.

It immediately depreciated sharply to hit an intra-day low of 65.65 and largely moved in a tight range throughout the session with high amount of volatility.

The RBI fixed the reference rate for the dollar at 65.5411 and for the euro at 70.607.

The rupee rallied on hopes that the government will accelerate its reform agenda following the BJP's win in Uttar Pradesh and Uttarakhand elections last week.

The Dollar index, a measure of the value of the United States dollar relative to a basket of foreign currencies, to settle at 13.00.

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