MUMBAI: The Indian rupee gained 16 paise against the dollar at 48.09/10 against the American currency amid bouts of dollar buying and selling.
In tune with the early surge in the Bombay Stock Exchange sensitive index, the domestic currency even gained strength to touch 47 and traded at 47.56 for a brief period.
The rupee closed at 48.25/27 on Monday Dealers in foreign exchange said the rupee sentiment was aided by hopes of capital inflows after the equity markets showed signs of stability after governments around the world took bold steps to support the crisis-ridden financial system.
In active trading at the interbank foreign exchange market, the rupee resumed firm at 47.85/90 a dollar and moved in a range of 47.56 and 48.13.
Forex dealers said the rupee bounced to 47.56 in mid-afternoon trade, riding on a strong surge in Asian equity markets as well as dollar selling by exporters. — PTI