Rupee holds up high, surges 16 paise against dollar

Mumbai: The rupee started with a high on Monday strengthening 16 paise to 64.89 against the dollar after the European Central Bank (ECB) said it would soon taper off its monetary stimulus.

It got more lift from fresh selling of the US currency by exporters and banks amid stronger domestic equities.

The dollar’s weakness against the euro and other currencies overseas following the ECB move triggered the rise in the local unit, traders said.

On Friday, the rupee had taken a big knock by plunging 23 paise to close at 65.05 a dollar.

The benchmark Sensex was trading at a record high, by surging 138.11 points, or 0.41 per cent, in opening trade on Monday.