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Rupee rises to 48 against dollar

The rupee strengthened past 48 per dollar for first time in three months on UPA's clear victory.

Written by Reuters | Mumbai |
May 18, 2009 12:09:26 pm

The rupee strengthened past 48 per dollar for the first time in nearly five months after the ruling coalition won a clear election victory and the stock market surged 17.2 per cent.

At 12:25 p.m.,the partially convertible rupee was at 47.85/87 per dollar,its strongest since Dec. 26,2008 and up 3.3 per cent from Friday’s close of 49.41/42.

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