Rupee jumps 74 paise vs dollar

A sharp jump in local equities aided the rupee, after twodays of religious holidays, to shot up by 74 paise, biggest gain in last 17month, to end at one-month high of 48.76/77 against the Greenback, completingstraight 3-session of gaining string.

Forex market was closed on October 26 and 27 on account of"Diwali".

Sustained dollar selling by exporters and some banks alsoboosted the rupee sentiment.

Euro recovered some of its early losses after a deal made bythe European leaders to resolve region's debt crisis backed the rally inriskier assets, helping the rupee to perform.

At the Interbank Foreign Exchange (Forex) market, thedomestic unit opened 60 paise higher at 48.90/91 a dollar from Tuesday's closeof 49.50/51 and immediately touched the day's low of 48.94.

But strong jump in stocks amid dollar selling by some banksand exporters on expectations of further fall in dollar value after Europeandeal.

The Indian benchmark Sensex on Friday flared up by nearly amassive 516 points or 2.98 per cent, extending gains for the fourth straighttrading day.

The rupee later touched a high of 48.7350 before ending at48.76/77, showing a rise of 1.49 per cent. Previously, the rupee had risen by94 paise of 1.99 per cent on May 28, 2010.

Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said, "Equitymarkets closed strong by about three per cent which appreciated Rupee by almostone and half per cent. The sharp rise was also to catch up with other peers asIndian Forex market was closed for two days."

"Next Support for Rupee is at 48.60 and the tradingrange for the USD/INR will be 48.60 to 49.20 on Monday," he added.