Rupee up 35 paise vs $ at close

Moving in tandem with the equity markets, the Indian rupee today appreciated sharply by 35 paise to close at 51.51/52 against the dollar.
    
In fairly active trade at the Interbank Foreign Exchange (Forex) market, the local unit opened firm at 51.70/71 per dollar from the previous close of 51.86/87.
    
It moved in a range 51.44-51.78 before concluding the day at 51.51/52, a smart rise of 0.67 per cent over the last close.
    
Forex dealers attributed the rise in the rupee mainly to firm equity markets amid expectations of fresh capital inflows.
    
The Indian benchmark Sensex ended up by a whopping 413 points or 4.95 per cent, the biggest rise in the current calendar year. Besides China and South Korea, other Asian stock markets ended sharply higher today.
    
However, according to analysts, the rise in the rupee might be restricted following sustained capital outflows and a firming dollar overseas.
    
Meanwhile, New York's main futures contract, light sweet crude for April, was quoting near $46 a barrel in Asian trade today.