Rupee jumps 40p to 82.93 intraday on $ flows

The rupee witnessed a surprise rally on Friday, breaking the 83 levels against the dollar to trade at an intraday high of 82.93 – up 40 paise in a day. The domestic currency closed at 83, gaining 33 paise from its previous close. Dealers attributed the unexpected rally to a sudden inflow of dollars into the market which was seen to be due to overseas fund-raising by an Indian corporate in addition to foreign portfolio purchase in equity markets. Dealers said that the corporate that raised dollar internationally could be the Adani group.