Photo: MintMumbai: The Indian rupee on Friday closed at a five-week high against the US dollar on higher demand for the currency from foreign investors to buy shares of HDFC Bank Ltd. The rupee ended at 67.06 against the US dollar, up 0.52% from its previous close of 67.41. The currency opened at 67.43 a dollar and touched a high of 67.01—a level last seen on 8 May. “Rupee demand for HDFC Bank shares is mainly supporting the currency”, Bloomberg reported. So far this year, the rupee has weakened 5.7%, while foreign investors have sold $168.10 million and $4.50 billion in equity and debt markets, respectively.

Source: Mint June 01, 2018 03:45 UTC