Rupee rises by 18 paise to end at 4-week high

The rupee on Tuesday gained 18 paise against the US currency to close at a four-week high of 48.47/48 as firming equity markets and weak

dollar overseas powered the domestic currency to extend its rising streak for the fifth straight session.
At the Interbank Foreign Exchange (Forex) market, the domestic unit resumed better at 48.61/62 a dollar from its overnight close of 48.65/66 per dollar.

It moved in a range of 48.67 to 48.47 before ending the day at 48.47/48 a dollar, the level not seen since August 14. The rupee gained 56 paisa or 1.14% in five-day gaining streak.

Dealers attributed the persistent rise in equity markets to the rupee rally.

The Sensex rose by 107.35 points or 0.67% on Tuesday after garnering about 618 points or 4.01% in last two trading days.

Firm Asian as well as European stock markets also partly boosted the rupee sentiment, they added.

Foreign Institutional Investors (FIIs) pumped in over Rs 1,000 crore on September 7, as per SEBI figures.

The greenback was trading multi-months low against its major rivals on Tuesday, compelling dealers to sell dollar which also assisted the rupee rise.