Rupee gains 37 paise Vs dollar

The rupee today appreciated by 37 paise to close at more-than one-week high of 52.50/51 against the dollar following a sharp rebound in local equities.

Fresh dollar selling by exporters and some banks amid some weakness in dollar overseas also aided the rupee rise.

At the Interbank Foreign Exchange (Forex) market, the domestic currency resumed firm at 52.70/71 a dollar from last close of 52.87/88. It immediately touched a low of 52.80.

However, a sharp rise in local stocks boosted the rupee sentiment and it bounced back to a high of 52.44 before ending at 52.50/51, a gain of 0.70%.

After plunging by 827.52 points or 5.17% in last five sessions, the Bombay Stock Exchange benchmark today shot up by 510.13 points or 3.36%.

The dollar index, a gauge of six major currencies, was down by nearly 0.05% while New York crude oil was trading below $97 a barrel in European market today.

"Looking at the global scenario one can expect Rupee to trade near 52.00 levels in coming days and the trading range for the Rupee will be 52.25 to 53.00 tomorrow," Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said.