Rupee Rising

At 10:28 am, the partially convertible rupee was at 48.55/56 against the dollar, edging higher by 0.40% than its previous close of 48.73/74. The rupee appreciated sharply by 52 paise to end at a two-week high of 48.20/21 against the dollar today as the overseas weak US currency and strong equity markets powered the local units bounce back. The main support came from the bouyant equity markets and the raising expectations of capital inflows at the second half of the year.
signs of recovery in the economy also aided rupee sentiment. The Indian benchmark Sensex spurted 446 points or 3.0% while Asian Indices ended higher by about 1.0% to 3.7%. The Sensex had risen by 495 points or 3.5% on Friday. Meanwhile, Global oil prices surged to $64 a barrel in London trading.