The Indian rupee rose to a three-week high of 48 per dollar on Tuesday, a move dealers said was on some inflows into the local stock market and an unwinding of long dollar positions by banks.
At 3:10 p.m. (0940 GMT), the partially convertible rupee
Dealers said there were some inflows coming into the stock market but most of the rupee's rally was helped by an unwinding of long dollar positions by banks on the back of easing in the non-deliverable forward rates.
One-month non-deliverable forward contracts PNDF were quoting at 48.28/38 per dollar, much below 51-52 levels seen last week.
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