Rupee gains 58 p, ends at 3-week high of 54.26

Forex dealers said sustained dollar selling by exporters on hopes of further fall in value of the American currency overseas also supported the rupee's rise.

The domestic currency moved in the range of 54.26-54.84 at the Interbank Foreign Exchange (Forex) market. Later, it settled at day's high of 54.26, showing a rise of 58 paise, or 1.06 per cent, against its previous close. In the last three sessions, rupee has gained 147 paise, or 2.64 per cent.

Bonds rise on good buying

The government securities (G-Sec) rose on fresh buying support from banks and corporates, while the call money rates reacted downward at the overnight call money market here today owing to lack of demand from borrowing banks.