Rupee rises by 30 paise against $ to three-week high

The Indian rupee soared by 30 paise against the US currency to trade at a three-week high in early trade on dollar selling by banks and expectations of rally on domestic bourses following firm trends in other Asian markets.

At the Interbank Foreign Exchange (Forex) market, the domestic unit was quoted 30 paise higher at 51 a $, the highest since February 27.

Dealers said hopes of fresh capital inflows from foreign funds into the domestic stock markets, tracking firm global cues supported the rupee.

Some dollar selling by banks and exporters, and the greenback's weakness against other major currencies also helped the domestic currency strengthen, they added.

 

Yesterday, the rupee at 51.30/31 a $, a gain of 19 paise against the US currency.