India rupee up on gains 4th day in regional share market

The Indian rupee climbed to its highest in more than a week on Monday, extending a rise to a fourth day, bolstered by gains in regional share markets and tracking the dollar's weakness versus major currencies. At 9:50 a.m. (0420 GMT) the partially convertible rupee was at 46.93/94 per dollar, its strongest since May 22 and above Friday's close of 47.11/12. Stronger-than-expected domestic growth data on Friday which could also mean an end to the central bank's easing cycle, supported sentiment for the rupee, traders said. The economy grew faster than expected in the March quarter, helped by strength in farm and services sectors that suggested Asia's third-largest economy has already turned the corner and may be set for an early recovery. However, dealers said they were wary of any central bank intervention through state-run banks to prevent a sharp appreciation in the local unit.

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