Rupee at over two month high against dollar, gains 38 paise

The rupee rose further by 38 paise to 10-week high of 49.70 against the US dollar on sustained selling of the American currency by banks and exporters amid good inflows into the equity markets.

The rupee opened higher at 49.72/73 per dollar at the Interbank Foreign Exchange (Forex) market from Wednesday's close of 50.08/09 per dollar and strengthened further to 49.70 before quoting at 49.75/76 at 1030 hrs.

It has moved between 49.70 and 49.82 per dollar in the morning deals.

Forex dealers said the domestic currency gained because of persistent selling of US dollars by banks and exporters amid capital inflows from foreign funds into equity markets.

The BSE 30 scrip index, Sensex, was trading 112.18 points or 0.66 per cent up in the early trade. It had opened even higher on Friday before paring the gains.

Meanwhile, crude oil prices moved up 31 cents to $100.01 a barrel in the morning trade.