Rupee shoots up

The rupee shot up by 60 paise to end at a nearly 4-week high of 48.98/49.00 against the dollar on expectations of more capital inflows. It opened sharply higher at 49.18/20 a dollar from the previous close of 49.58/59. The Sensex spurt after the government unveiled a multi-crore stimulus package for the economy and dollar selling by banks on expectations of a further fall in the greenback helped the rupee to rally smartly, a forex dealer said.