Rupee climbs to 3-week high on euro surge

Rupee climbs to 3-week high on euro surge

Mumbai: The rupee rose to its strongest in nearly three-weeks on Monday propelled by the euro’s jump to a one-month high that helped offset impact of negative domestic equities.

At 1:51pm, the partially convertible rupee was 48.7450/7500 per dollar, 0.6% stronger from Friday’s 49.0175/0275 close. It had earlier touched 48.7150 - a level last seen 29 September.

The euro was trading at $1.3894, after rising to$1.3914 earlier. It had been $1.3784 when the rupee closed on Friday.

The index of the dollar against six major currencies was at 76.525 points, lower than 76.992 previously.

The euro hit a one-month high against the dollar on Monday after a G-20 summit left hopes intact the EU would decisively address the region’s debt crisis this week, with traders seeing scope for further gains on short-covering.

Main share index erased early gains and was down 0.3%.