The Indian rupee rose to a six-week high on Wednesday as the dollar fell to a one-year low against a basket of currencies and as some gains in Asian shares raised hopes of further foreign fund inflows.
At 10:28 a.m. (0458 GMT), the partially convertible rupee INR=IN was at 47.91/92 per dollar, stronger than Tuesday's close of 47.9550/9650.
In early deals the rupee hit 47.85, its highest since Aug. 10.
"The rupee is tracking the crosses and also equities," said V. Kumar, chief dealer with State Bank of Travancore, who said 47.80 was an important technical level.
"Once 47.80 breaks, 47.50-47.20 should be the range for this week," he said.
The low-yielding dollar fell to a one-year low against a basket of currencies on Wednesday as speculators dumped it ahead of a Federal Reserve policy announcement later in the day. [USD/]
Expectations are growing that the Fed will reiterate its intention to keep a super-accommodative policy for an extended period more details : http://marketmantra.in/Currency.asp
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