With the depreciation of the US dollar in the global market, the rupee on Wednesday rose for the first time since March 2017 for 61 paise for and reached $ 72.37 a dollar.
The rupee hit a high of Rs 72.34 per dollar in the day's trading due to sluggish global crude oil prices. At the end of the rupee, the rupee was 61 paise or 0.84 per cent higher at Rs 72.37 per dollar, which is the biggest single day gain since March 14, 2017.
The rupee's appreciation of the rupee may also strengthen the rupee, due to the huge dollar selling by the government banks along with exporters from the Reserve Bank of India (RBI).
Foreign currency exchange market and currency markets will be closed on Thursday for 'Muharram'. Rupee has been trading in the intermediate trade against the pound, the euro and the Japanese yen. The Financial Benchmark India Pvt. Ltd (FBIL) had fixed the reference rate of the dollar-rupee for Rs 72.6781 per dollar and 84.9050 rupees per euro for Wednesday.
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