Rupee up by 9 paise to end at 66.70 against the American currency.
Mumbai
: The rupee made further advances against the US dollar, appreciating by 9 paise to end at 66.70 on sustained selling of the American currency by exporters and corporates amid global market turbulence.
Trading has been shallow and extremely thin during the week with a host of market participants preferred to stay on the sidelines due to renewed uncertainty over the potential outcome of the US presidential election and confusing signals from the US Federal Reserve.
Smooth dollar supplies following suspected RBI intervention through state-run banks predominantly helped the home currency to withstand initial volatility and outperform.
However, massive sell-off in domestic equities and subsequent unwinding of long market positions by FIIs restricted the rupee gains, a forex dealer said. Excess volatility and movements of the US dollar in global trade also weighed on trade.
At the Interbank Foreign Exchange (Forex) market, the local unit resumed higher at 66.72 from last Friday's closing value of 66.79.
But later fell back sharply to hit a low of 66.8600 on dollar demand from importers and also tracking volatility in stocks before staging a solid rebound towards the fag-end despite the general sentiment surrounding the forthcoming US election, which kept investors nervous going into the weekend, It finally settled at 66.70, revealing a gain of 9 paise, or 0.13 per cent after briefly climbing a high of 66.6750.
Marking the second straight week rise, rupee has made a good 19 paise move.
In cross-currency trades, rupee retreated sharply against the pound sterling to end at 83.30 from from last weekend's level of 80.99 and also tumbled against the Japanese yen to close at 65.21 from 63.43 per 100 yens.
The domestic unit remained under pressure against the euro and finished at 74.03 from 72.94 previously.
