Rupee maintains its form, scales fresh 20-month high of 64.28

Defying intense global volatility and nervousness, the rupee today continued its stellar rally against the US dollar, surging 24 paise to end at a fresh 20-month high of 64.28 amid escalating geo-political trouble.

This is its highest closing since when it had ended at 64.19 against the greenback.

Speculative traders and exporters offloaded their long dollar bets, spooked by launch of US air strikes against Syria.

The local currency opened lower than the overnight close of 64.52 and weakened to 64.69 on bouts of dollar demand from importers and banks. But it staged a spectacular rebound by settling the day with a handsome gain of 24 paise, or 0.37 per



cent.

For the third straight day, the rupee has appreciated, in all by a whopping 75 paise against the dollar.

The domestic currency market remained largely buoyant. Though domestic bourses succumbed to heavy profit-taking as investors sentiment turned sour reacting to the geopolitical developments after US attacks on a Syrian air base sent Asian markets lower.

A highly volatile dollar overseas along with uncertainties surrounding US President Donald Trump's fiscal policy helped the rupee close higher too.

The overall forex market sentiment also got a leg-up after the RBI projected India's growth at 7.4 per cent for the current fiscal, up from 6.7 per cent.