Rupee snaps one-week losing streak, up by 11 paise vs dollar

MUMBAI: Snapping its one-week losing streak, the rupee gained by 11 paise to 48.08/09 against the dollar on expectations of fresh capital inflow from foreign funds in equity markets and a slight weakness in the US currency overseas.

The domestic unit opened higher 48.17/18 against yesterday's close of Rs 48.19/20 per dollar and firmed further to end at Rs 48.08/09 a dollar, showing a net gain of eleven paise.

The rupee hovered in a range of Rs 48.27 per dollar and Rs 48.07 per dollar during the day.

It had dropped by 95 paise or 2.01 per cent in the last seven days.

Sensex ended higher by 256.36 or 1.80 per cent a following series of measures announced SEBI to boost investor confidence in stock markets.

Asian stock markets also ended higher today after Dow and S&P 500 gained on Thursday, breaking a three-day losing streak, as data on job markets and regional manufacturing revived hopes that the recession-hit economy is stabilising.

Global crude oil prices rose to $ 72 a barrel today, gaining for a third day, suppported by views at equity markets that the economy may be stabilising.