Rupee got strong 42 paisa to 66.18 against the dollar on early Tuesday morning on a hike in the selling of USD by exporters & banks amid increased forex inflows following BJP strong mandate in Assembly elections & positive IIP numbers outcome.
Forex traders & dealers said the strong rupees is due to the weakening USD value against other currencies in the international market & domestic stock markets giving strong positive cues helped the rupee gain stronger.
Moreover, IIP numbers showed a bounce back in January, expanding 2.7 percent year-on-year also helped rupee in gaining, dealers added. On Friday, the rupee had gained 11 paise to close at a 4-month high of 66.60 against USD.
Due to the National festival Holi, the Forex Market was closed.
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