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Rupee appreciates to 47.47 against dollar

Rupee,which posted gain of 152 paise on Monday,moved up further by 41 paise to 47.47 a dollar.

Written by Agencies | Mumbai | Published: May 19, 2009 9:57:25 am

The Indian rupee opened strong by 41 paise at 47.47 against the US currency,a day after it recorded its highest gain of 152 paise in more than decade,on anticipation of heavy foreign capital inflows as stock market may continue their rally on Tuesday.

At the Interbank Foreign Exchange (Forex) market,the local unit,which posted its biggest gain of 152 paise in more than decade to close at 47.88/89 on Monday,moved up further by 41 paise to 47.47 a dollar,almost a five-month high.

Forex dealers said the domestic bourses may continue their rally on the formation of a stable government. Besides,Asian stock markets opened on a strong note today may also influenced trading sentiment here,thus leading to capital inflows by foreign funds.

The Asian equity markets rose by up to three per cent in the morning trade on Tuesday.

The benchmark Sensex closed higher by over 2,110 points,or 17.74 per cent,on Monday.

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