Rupee Rises 35ps To 85.10/$

Mumbai: Rising for the second straight session, the rupee jumped 35paise to close at 85.10 against the US dollar on Monday, buoyed by a positive trend in domestic equity markets and a weak American currency overseas. According to forex traders, the inflow of foreign funds and the RBI’s announcement of giving a record dividend of Rs2.69 lakh crore to the government for FY25 added strength to the local currency even as a slight recovery in crude oil prices capped its gain.

At the interbank foreign exchange market, the rupee opened at 85.02 and moved between the intra-day high of 84.78 and the lowest level of 85.18 against the US dollar. The unit ended the session at 85.10 against the greenback, registering a gain of 35paise over its previous close. On Friday, the rupee appreciated 50paise to close at 85.45 against the US dollar. Market participants are waiting for further cues since the industrial and manufacturing production data for April and the Q1 GDP growth numbers are scheduled to be released this week.