Forex: Despite a slide in local equities, the rupee strengthened further by 5 paise to close at 63.39 against the American currency in a highly volatile trade due to sustained dollar selling by banks and exporters. The greenback's weakness in overseas and robust capital inflows to equities and debt markets weighed on the local unit, a forex dealer said.
However, Greece developments and a sell-off in equities worldwide following the steep Chinese stock decline limited the rupee's rise, he added. At the Interbank Foreign Exchange market, the rupee commenced sharply lower at 63.62 per dollar against last weekend's close of 63.44 and dived to hit a low of 63.65.
Later, it rebounded smartly from its one-week low on the back of heavy dollar selling by state-owned banks as well as good dollar supply from exporters and foreign funds amid purported intervention by RBI. This helped the local currency touch a fresh high of 63.30, before settling the week at 63.39, a gain of five paise, or 0.08 per cent.
