The rupee has gained 58 paise in last two trading sessions.Mumbai:The rupee on Monday signed off last trading session of 2018 with 18 paise gains at 69.77 per dollar but clocked a 9.23 per cent fall during year after witnessing its one of tumultuous years in recent past.
On year-over-year basis, rupee depreciated by a whopping 509 paise, or 9.23 per cent, as compared to 2017-end level of 63.87.
Forex traders, however, said fundamentals are supportive for rupee over next 6-12 months amid supportive growth momentum, robust forex reserves."Attractive real yields (net of inflation), growth momentum and robust forex reserves of $394 billion and USD (dollar) stabilisation is likely to be positive for INR (rupee)," global financial services major Standard Chartered said in a research note.However, in near-term, trend in US dollar, oil price and ensuing general elections will determine direction for local unit, it noted.The rupee opened higher at 69.76 per dollar as against Friday's closing level of 69.95 at Interbank Foreign Exchange (Forex) market and hovered in a range of 69.95 and 69.74 before ending at 69.77 per dollar, showing a gain of 18 paise.The rupee has gained 58 paise in last two trading sessions.Meanwhile, dollar index was trading down by 0.26 per cent at 96.15 against a basket of six currencies in late afternoon trade.Domestic equity benchmarks Sensex and Nifty on Monday ended last trading session of 2018 on a sluggish note but clocked gains for third straight year in a row amid positive cues from global markets and strengthening rupee.Brent crude, international benchmark, was up 2.27 per cent at $54.42 per barrel.Foreign funds pulled out Rs 326.87 crore from capital markets on a net basis, while domestic institutional investors bought shares worth Rs 321.98 crore Monday, provisional data showed.The Financial Benchmark India Private Ltd (FBIL) set reference rate for rupee/dollar at 69.7923 and for rupee/euro at 79.7805.
The reference rate for rupee/British pound was fixed at 88.5488 and for rupee/100 Japanese yen at 63.21.