Rupee surges 17 paise against US dollar

Mumbai, Mar 13: The rupee surged 17 paise to settle at 87.05 against the US dollar on Thursday following robust macroeconomic data and easing crude oil prices.

Besides, recent weakness in the US dollar index also supported the local currency, forex dealers said.

However, losses in domestic equities and unabated foreign capital outflows capped the sharp gain, they added.

At the interbank foreign exchange, the rupee opened at 87.13 and hit the intraday high of 86.94 against the greenback. The unit touched the day's low of 87.15 before ending the session at 87.05, up 17 paise against the previous closing level.

In the previous session on Wednesday, the rupee settled just 1 paisa lower at 87.22 against the US dollar.

The forex markets will remain closed on Friday for Holi.

Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said the rupee recovered on upbeat macroeconomic data and a soft US dollar. However, weak domestic markets capped sharp gains.