Rupee rallies to strengthen by 8 paisa, closes at three-week high

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New Delhi:Rallying for the fourth straight session, the rupee on Monday strengthened by 8 paise to close at a near three-week high of 64.36 a dollar on steady selling of the American currency by state-owned banks and exporters.
The rupee's previous best was seen on May 17, when it had closed at 64.15. A spectacular record-breaking bull-run in local stock markets along with robust capital inflows predominantly weighed on the home currency, despite strong dollar overseas.

Foreign funds and investors have pumped USD 4.2 billion in the country's capital market in May in view of the country's preparedness for the Goods and Services Tax (GST) roll out from the next month.Expectations of normal monsoon also added to the optimism.

 

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