Rupee bounces back to 53 level, up 68 paise vs USD at 53.71
"The gains in the stock markets led by robust gains in the oil shares and better than expected quarterly results of ITC and HDFC also contributed to the gains in rupee," he added.
Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said, "The INR extended its gains for the second straight session raking in a cumulative gain of around two per cent."
The premium for the forward dollar recovered on fresh payments from banks and corporates.
The benchmark six-month forward dollar premium payable in June rose to 163-165 paise from Thursday's close of 161-163 paise and far-forward contracts maturing in December also firmed up to 321-1/2-323-1/2 paise from 317-319 paise.
The RBI has fixed the reference rate for the US dollar at 53.9465 and for euro at 72.2050.
The rupee flared up further against the pound sterling to 85.63 from previous close of 87.17 and also remained firm against the euro to 71.75 from 72.61.
It too hardened against the Japanese yen to 59.81 per 100 yen from last close of 60.87.
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