Rupee is trading above 56 to the dollar for the first time in more than a week as hefty gains in the domestic share market raised hopes for foreign capital inflows while the risk-on mode globally also hurts.
Traders say custodian banks spotted selling dollars in the market.
Rupee is trading at 56.05/06 after rising to 55.95, and above its previous close of 56.80/81. The dollar is on course for its biggest quarterly rise versus the rupee in at least 17 years. However, this is also its biggest daily fall since late January.
The euro up sharply against the dollar as European leaders agree on decisive action to lower the borrowing costs of Italy and Spain and create a single supervisory body for euro banks.
The BSE Sensex was trading up 2.4 percent.
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