Rupee hits two-week high

 Rupee extends gains to 54.33/34, its strongest since April 2 and up from its Monday's close of 54.6250/6350, tracking gains in domestic shares as slumping commodity and gold prices are reducing the pressure on the country's record current account deficit.

The main share index is up 1.3%.

Traders say sentiment for the dollar also remains weak as the global commodities sell-off reduces demand for the greenback.

Buying expected below 54.34 levels and downside likely to be limited around 54.25 for the day, traders say.