Mumbai: The rupee sustained its rally for the fifth straight session and settled with gains of 23 paise at 85.15 against the US dollar on Monday, boosted by a sharp fall in the dollar index and a surge in the domestic equities.
The dollar index has breached the 99 mark and is trading at its lowest level in three years. Moreover, fresh foreign fund inflows and decline in crude oil prices also favoured the rupee, forex traders said.
At the interbank foreign exchange, the domestic unit opened at 85.15 and moved between the intraday high of 85.03 and the low of 85.19 against the greenback.
The unit ended the session at 85.15, registering a gain of 23 paise over its previous closing level.
In the five trading sessions, the Indian currency has added 155 paise since its April 9 closing mark of 86.68 against the greenback.
Meanwhile, India’s forex reserves increased by $1.567 billion to $677.835 billion for the week ended April 11, the Reserve Bank said on Friday.
This is the sixth consecutive week of a rise in the kitty.
The overall reserves jumped by $10.872 billion to $676.268 billion in the previous reporting week ended April 4.