Rupee appreciates to 51.05 against dollar

The rupee,which rose 1.7 per cent last week in its biggest weekly rise since the week to Dec. 19,has gained 2.9 per cent from the record low of 52.20 hit early- March.

The yen inched up against the euro and the Australian dollar on Wednesday,pulling away from this week8217;s five-month low versus the euro,as falls in Tokyo shares tempered buying of higher-yielding currencies.

Most Asian currencies were weaker against the dollar.

Dealers said a rise in the local share market could support the rupee later in the session.

In the currency futures market,the most traded near-month contract was quoting at 51.09 on both the National Stock Exchange and MCX-SX,with the total traded volume on both exchanges at about 59 million.