Rupee has witnessed a high of 66.51 and a low of 66.55.
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According to PTI, the surge can be explained by the selling of the American currency by exporters and banks amid sustained foreign fund inflows.
A weak United States dollar in overseas markets was the main reason for the rupee rise even as losses in domestic stocks and some fag-end dollar demand from importers prevented further gains, a forex dealer said.
In cross-currency trades, the rupee recovered against the pound sterling to end at 88.82 from 88.85, but remained weak against the euro to finish at 74.66 from 74.29 earlier.
The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.54 and for Euro stood at 75.02.
The rupee opened firmly higher at 66.33 from Tuesday’s closing value of 66.52 at the Interbank Foreign Exchange (forex) market.
Benchmark indexes Sensex and the Nifty climbed about 1.5 percent each to hit 18-month highs on Tuesday, as soft U.S.jobs data eased worries over a Fed rate increase this month and a report showed growth in India’s services sector accelerated to its fastest pace in more than 3-1/2 years in August.
Crude prices retreated after a sharp overnight rally as traders reacted cautiously and took profits, though output freeze speculations continued to weigh on trade ahead of the OPEC meeting in Algeria held 26-28 September and also underpinned by strong crude imports data from China.
The benchmark six-month premium for February slumped to 176-178 paise from 180.5-182.5 paise and the forward August 2017 contract also drifted to 364-366 paise from 370.5-372.5 paise yesterday.
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Crude prices dropped from its one-week high in Asian trading towards Dollars 47 a barrel on fading hopes for imminent action to tackle a supply glut after Saudi Energy Minister said there was no need to freeze output for now a day after top producers Russian Federation and Saudi Arabia agreed on Monday to cooperate on stabilising the world oil markets.
