MUMBAI: The Indian rupee strengthened for the third consecutive session on Monday, helped by dollar sales by exporters and foreign banks, coupled with a broadly softer greenback that hovered near a five-month low against its major peers.
The rupee closed at 86.80 against the US dollar, up 0.2% on the day. The currency rose to a peak of 86.7625, its highest since February 24, before trimming gains.
Other Asian currencies were mostly rangebound, while the dollar index was down 0.2% 103.5, lingering close to a five-month low hit last week.
The rupee was aided by dollar sales by foreign banks and exporters during the session, a trader at a mid-sized private bank said.
Exporters are likely to stay active in the run-up to the end of India’s financial year on March 31, the trader said.
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