The currency has gained past 69 level against the US dollar for the first time since August 10, 2018 in the early trade on Monday.
The Indian rupee rose for the sixth consecutive day, and opened at 68.92/$, up 18 paise against the US dollar. The sharp rally in the Indian rupee could be attributed to robust foreign inflows ahead of general elections.
The currency has gained past 69 levels against the US dollar for the first time since August 10, 2018, in the early trade on Monday.
Meanwhile, India’s trade deficit in February narrowed to $9.59bn in February from $14.73bn in January amid sluggish growth in major foreign exchange earners such as gems and jewellery, engineering goods, and petrochemicals, the government data showed.
The local currency ended by 24 paise up at 69.10 against the greenback on Friday.
The Reserve Bank of India’s (RBI) reference rate for the dollar stood at Rs69.21, while for the Euro, it was at Rs78.33. The RBI’s reference rate for the Yen stood at Rs61.99; the reference rate for Great Britain Pound (GBP) was Rs91.64.
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