The rupee was last quoted at 45.61 to the dollar after being as high as 45.57. Its low for the day is 46.16 as against Friday's close of 46.17
The Indian rupee rose on Monday, tracking gains in other Asian currencies after the Chinese central bank decided to scrap a two-year peg to the US dollar for its currency to avoid criticism at the G20 summit in Toronto this week.
The rupee was last quoted at 45.61 to the dollar after being as high as 45.57. Its low for the day is 46.16 as against Friday's close of 46.17. The rupee's intra-day high of today was its strongest level since May 18.
The partially-convertible currency appreciated for a fourth consecutive session, the longest winning streak since March, after the People’s Bank of China (PBOC) said on June 19 that it will let yuan move more freely.
The rupee also received a fillip from strong gains in the local stock market.
India’s stocks rose to a two-month high on speculation that the Government's move to bring ULIPs under IRDA's purview will boost local investments into equities. China's move to adopt a more flexible currency management policy also helped bolster the mood.
At 11:38 am, the Bombay Stock Exchange (BSE) Sensex was at 17,905, up 335 points or 1.9%. It was headed for its highest close since April 12. The S&P CNX Nifty Index on the National Stock Exchange (NSE) also rose by 1.9% to 5,361.
