Rajan effect on rupee continues; rises to 64.15 Vs dollar

The local currency has spurted 239 paise, or 3.53 percent, in the past three sessions.

Updated: Sep 10, 2013, 12:50 PM IST

Mumbai: The rupee continued to rule firm for the fourth straight day by surging further by 99 paise to 64.25 per dollar on persistent selling of US currency by banks and exporters in view of sustained foreign capital inflows on the back of strong equity market.

The rupee resumed higher at 64.40 against the last weekend's level of 65.24 per dollar at the Interbank Foreign Exchange Market and moved up further to 64.15 before quoting at 64.25 per dollar.

It moved in a range of 64.15 per dollar and 64.45 per dollar.

Banks and exporters preferred to reduce their dollar position on expectation of more foreign capital inflows into equity market.

The benchmark Sensex rose by more than 500 points in mid-session trade.

In the global market, the US dollar moved sideways in the early trade with the market holding on to expectations for a reduction of Federal Reserve stimulus next week, while the odds of an attack on Syria appeared to decrease.