Rupee appreciates further against US dollar

Written by Agencies | Mumbai, February 26: | Updated: Feb 26 2008, 16:00pm hrs
The Indian rupee appreciated further by more than three paise in range-bound trade on Tuesday on the back of firm equity market and improved dollar supplies due to exporter's sales.

There was little activity at the Interbank Foreign Exchange market this morning, forex dealers said. The local currency resumed strong at 39.90/92 a dollar against previous close of 39.96/97 a dollar and was later quoted at 39.9250/9300 a dollar in late morning deals in the absence of any major market moving factors.

Expectations of a gradual pick-up in capital inflows into equity with the Indian benchmark surging by about 131 points aided the rupee sentiment, they added. Indian stocks rallied smartly yesterday lifting the key index by over 300 points.