Currency managed to sidestep the early volatility after the MPC maintained a status quo on repo rate
Heavy unwinding of long dollar positions built ahead of FOMC meet predominantly gave the rupee a boost
A higher opening in the domestic equity market influenced the rupee uptrend
Bearish greenback overseas and robust capital inflows predominantly supported the domestic currency
Meanwhile, the benchmark BSE Sensex fell by 54.57 points
The rupee is forecast to weaken to 68.50 a dollar in one month versus 67.73
This is the biggest single day gain in one month
Despite a stellar opening rally, the home currency succumbed to fag-end dollar pressure
The domestic currency resumed on a weak note at 67.95 from last Friday's closing level of 67.92
Meanwhile, the RBI on Friday fixed the reference rate for the dollar at 67.9117
Dollar bounced back toward its 14-year high against a basket of major currencies
The US central bank is widely expected to bring in the first rate hike since December 2015
Rise was due to continuous dollar selling by exporters and banks
Heavy selling of the US dollar by banks and exporters in the face of renewed capital inflows predominantly kept sentiment highly buoyant
It is up by 14 paise to end at 68.20
Heavy unwinding of long dollar positions by banks and exporters alongside extended RBI intervention in the forex market predominantly helped the up move
A weak dollar in overseas markets also supported the rupee rally with trade largely driven by cautious expectations
Massive funds outflows in the wake of impending US Fed rate hike and a bullish dollar overseas have hit the rupee sentiment
The rupee closed at 68.47 a dollar, from its previous close of 68.75 as the central bank intervened at multiple points
The rupee may touch 70 a dollar or even break the level in the next few days, said most of the 10 currency experts