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Rupee Rally Continues, Hits 17-Month High Against Dollar

The rupee rose to fresh a 17-month high against the US dollar on Monday, helped by increased selling of US currency by banks and exporters. The rupee strengthened by 28 paise to 65.13 on Monday against the dollar in early trade, continuing its bull run from last week.

Banks and exporters have increased selling of US dollars amid increased skepticism of US President Donald Trump’s ability to implement his economic agenda after last week’s failed US healthcare deal according to dealers. Last week, the rupee had gained 11 paise against the American currency to end at 65.41 on fresh bouts of dollar selling by exporters and banks.

However, in equity markets the Sensex traded lower.

On Friday, Union finance minister Arun Jaitley had said that the government is working on a new proposal to resolve the issue of bad debts in the Indian banking systems. The move is expected to encourage more foreign investments in the country.

So far this year, rupee has gained 4.05 per cent against the dollar.

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