Rupee at 3-week high vs dollar

Firm local equities amid sustained capital inflows and heavy dollar selling helped the Indian rupee to rally for the fifth session in a row with a rise of 22 paise to close at 3-week high of 44.84/85 against the Greenback.

Sluggish dollar overseas too boosted the rupee sentiment.

At the Interbank Foreign Exchange (Forex) market, the local currency commenced higher at 44.99/45.00 a dollar from previous close of 45.06/07.

It later moved in a range of 45.05 and 44.77 before settling the day at 44.84/85, a rise of 0.49 per cent.

Mr. Pramit Brahmbhatt, CEO, Alpari Forex (India) said "GBP & Euros gain aided Rupee to trade stronger against the dollar, local equities also traded positively & closed up by more than half per cent".

"Looking at the weak dollar one can expect Rupee to gain against greenback and the trading range for the USD/INR will be 44.60 to 45.10 on Thursday," he added.

The Indian benchmark Sensex on Thursday rose by 105.53 points or 0.57 per cent after gaining over 271 points or 1.49 per cent on Tuesday, which mainly supported the rupee rise.

Foreign Institutional Investors (FIIs) pumped in $632.45 million in firming equities in four trading sessions since May 26.

Sustained selling dollars by exporters and some banks too aided the rupee rise. .