Rupee hits fresh 2-yr high of 63.65 against dollar

The rupee strengthened by 5 paise to trade at a fresh two-year high of 63.65 against the dollar in early trade. Sensex dropped by 78.64 points, or 0.24 per cent, to 32,398.10.

Mumbai: The rupee strengthened by 5 paise to trade at a fresh two-year high of 63.65 against the dollar, buoyed by hopes of more capital inflows, coupled with more selling of the American currency by banks and exporters.

On Wednesday, the domestic currency had surged 37 paise in its best single-day show this year to breach the psychological 64- level, ending at a fresh two-year high of 63.70. This followed the RBI lowering the repo rate by 0.25 per cent.

The benchmark BSE Sensex dropped by 78.64 points, or 0.24 per cent, to 32,398.10 in early session. (PTI)