Rupee closes at fresh 3-month high of 48.68 to the dollar
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The Indian rupee gained 46.5 paise or 0.95 per cent against the dollar Friday to close at a fresh three month high. It ended near the day's highest points at 48.6850 to the dollar. The rupee had last closed at these levels on 31 October 2011.
The rupee has gained over 9 per cent this year on the back of strong foreign inflows. Foreign funds have invested over $2.5 billion in the equity markets year to date. They have also invested over $3 billion in debt.
The rupee had fallen 19 per cent in 2011.
A recovery in global sentiments has supported the rupee. A return of strength in the euro, which the Indian currency closely tracks, has also helped the rupee.
Analysts have also attributed improving domestic macro-economic fundamentals behind the sharp recovery. India's headline inflation has come down from the near double digit levels and the central bank has signalled a pause in the interest rate cycle. The Reserve Bank had increased rates 13 times since March 2010 to rein in high inflation. A jump in the PMI index, which signals a rebound in industrial activity, has also helped the currency.