Rupee rises

With US President George W Bush making a comeback to the White House, the rupee rallied smartly and hit a 4-1/2-month closing peak of 45.36/37 per dollar on the back of strong foreign fund inflows and exporter dollar sales.

Surging by 13 paise from Tuesday’s finish of 45.49/50, the rupee recovered all of its losses incurred in the last two sessions and climbed to a 4-1/2-month high after the sentiment turned distinctly positive on the US election outcome. Cooling global oil prices amidst strong foreign fund inflows gave the rupee firm underlying support, bankers said.