Rupee spikes to 50.20 against dollar

The Indian rupee hardened by 31 paise at 50.20 against the greenback on account of fresh capital inflows by funds amid a weak dollar overseas.

At the Interbank Foreign Exchange (Forex) market,the domestic unit,which ended lower by 28 paise at 50.51/52 against the dollar,rose by 31 paise on capital inflows by foreign funds as the local equity market is expected to open on a stronger note in line with other Asian markets.

Besides,forex dealers said weakening dollar against other major currencies also led to the upward movement of the local unit.

On Tuesday,the benchmark Sensex declined by over 370 points or 3.25 per cent at 11,001.75.