MUMBAI, Nov. 5 -- THE rupee gained 8 paise to close at a fresh fiveweek high of 70.69 against the US dollar on Tuesday following foreign fund inflows and gains in Asian peers after Chinese central bank cut interest rates.
Forex inflows through Bajaj Finance share sale to qualified institutional investors helped the rupee hold strong against a strengthened dollar and rising crude oil prices, analysts said.
The rupee opened lower at 70.80 per US dollar compared to the previous close of 70.77 at the interbank foreign exchange market.
Later, it recovered some lost ground and moved in a range of 70.65 and 70.81 in afternoon trade before concluding at 70.69, showing a rise of 8 paise.
"Indian rupee has gained along with the Asian peers, as Ch...