Rupee spurts 43 paise to close at 70.49 against US dollar

The rupee rebounded by 43 paise to close at 70.49 against the US dollar Tuesday largely driven by positive macro data and easing crude prices.

Forex traders said heavy buying in domestic equities and sustained foreign fund inflows also propped up the local unit.

At the Interbank Foreign Exchange (forex) market, the domestic unit opened slightly down at 70.95.

During the day, the local unit, however, gathered momentum and rose to an intra-day high of 70.43 before finally ending at 70.49, showing a gain of 43 paise.

The local unit had weakened by 20 paise to close at 70.92 against the US dollar Friday.

The domestic forex market and equity market were closed Monday on account of Mahashivratri.

Commenting on the appreciation in rupee, Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management said, "Over last one month the Indian rupee has appreciated 1.5 per cent and is the best performing emerging market currency".

Sentiments in the forex market also got a boost from the positive