MUMBAI: The Indian rupee climbed to a near three-month high on Monday, helped by custodial banks selling dollars, before being pulled back by dollar demand from importers to end marginally weaker.
The rupee ended at 83.0600, against 83.0000 at its previous close. The local currency had climbed to 82.9150 during the session, its highest since Sept. 22.
“Like Friday, foreign banks were the big sellers (of USD/INR), which must be for their custodial clients,” a forex salesperson said. “Our importers customers were there, but think they did more than what they usually do.” The rupee rose to above 83 levels on Friday as well as earlier in the day, largely on the back of surging equity inflows.
Foreign investors bought more than $1 billion of Indian shares on Friday, following $1.5 billion of purchases in the first four days of the week, according to data from National Securities Depository Ltd.
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