Mumbai: The rupee appreciated by 4 paise to close at a five-week high against the US dollar on Monday driven by sustained foreign fund inflows and hopes of a partial trade deal between the US and China.
Stock markets rising for a seventh straight day also boosted the sentiment.
At the interbank foreign exchange market, the rupee opened strong at 70.55 against the previous close of 70.81 to the US dollar.
The domestic unit, later, gave up gains to settle at 4 paise higher at 70.77, a level not seen since September 27.
Rising crude prices and a strong dollar against major global currencies restricted the rupee’s gain, dealers said.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.06 per cent to settle at 97.30. (PTI)
