Rupee closes at 94.59 against US dollar

The rupee extended its gaining momentum for the fifth straight session on Thursday, appreciating 14 paise to close at 94.59 (provisional) against the US dollar, buoyed by the country’s improved balance of payments condition following higher-than-expected foreign currency deposits.

India mobilised a record $127.23 billion through FCNR (B), or foreign currency non-resident (bank) deposits under a special central bank programme aimed at bolstering the country’s foreign-exchange liquidity.

Including overseas foreign-currency borrowings (OFCB) and external commercial borrowings (ECB), total inflows under the measures reached $136.377 billion, according to RBI data.

At the interbank foreign exchange market, the rupee opened at 94.30 and touched an intraday high of 94.26 and a low of 94.59 during the session. At the end of Thursday’s trading session, the rupee was quoted at 94.59 (provisional), higher by 14 paise from its previous close.

On Wednesday, the rupee settled at 94.73, recording a gain of 22 paise.