Rupee rallies 38 paise to fresh 3-month high

The rupee jumped by 38 paise to settle at more than a three-month high of 74.66 against the US dollar on Friday, tracking weakness in the greenback and gains in domestic equities amid optimism over potential Covid-19 vaccine. Forex traders said investors were bullish on emerging market assets following encouraging vaccine test results and positive US jobs data. Moreover, gains in equities, steady crude oil prices and weak US currency supported the local unit.