Indian rupee closes 8 paise higher at 61.23 against US dollar

The Indian rupee joined the equity market's Diwali celebrations, ending higher by another 8 paise at 61.23 per US dollar on fag-end selling of dollars by banks and exporters on the back of persistent foreign capital inflows.

The benchmark Sensex ended higher by 105 points, or 0.50 per cent, at an all-time closing high of 21,033.97.

The rupee resumed lower at 61.40 per dollar as against the last closing level of 61.31 per dollar at the Interbank Foreign Exchange (Forex) Market and moved down further to 61.60 per dollar on initial month-end dollar demand from importers. However, it recovered afterwards to close at 61.23 per dollar on fag-end selling by banks and exporters in view of strong equity market, showing a gain of 8 paise or 0.13 per cent.

In the global market, the major currency pairs were moving sideways ahead of the release of the Federal Reserve's latest policy statement, due later in the day.

"The trading range for the Spot USD/INR pair is expected to be within 60.80 to 62.00," said Pramit Brahmbhatt, CEO, Alpari Financial Services (India).

With inputs from PTI