Rupee ends at more than two-month high of 49.30 against dollar | business | Hindustan Times
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Rupee ends at more than two-month high of 49.30 against dollar

Completing three straight sessions of appreciation, the Indian rupee today shot up by 62 paise to close at a two-and-a-half month high of 49.30/31 against the US dollar on the back of sustained capital inflows amid late recovery in local equity markets.

business Updated: May 05, 2009 20:19 IST

Completing three straight sessions of appreciation, the Indian rupee today shot up by 62 paise to close at a two-and-a-half month high of 49.30/31 against the US dollar on the back of sustained capital inflows amid late recovery in local equity markets.

A weak dollar against some Asian currencies, dollar selling by multinational banks as well as expectations of increased foreign funds inflow in share markets after a strong rally also boosted rupee sentiment.

In active trade at the Interbank Foreign Exchange (Forex) market, the domestic unit resumed strong at 49.60/62 a dollar from its previous close of 49.92/94.

It moved in a range of 49.70 and 49.28 before concluding at 49.30/31 per dollar, the level not seen since February 16, 2009, when it was closed at 48.82/83.

In the three sessions, the rupee has gained by 121 paise or 2.40 per cent.

According to a forex dealer, heavy foreign funds inflows in local equity markets mainly supported the rupee.

However, a negative turnaround in local equity markets might cap the rally in the rupee, an analyst said.

The Indian benchmark Sensex recovered its early losses, and ended nearly flat at 12,131.08.