Rupee gains 49 paise against dollar

After an overnight brief pause, the Indian rupee continued its north-bound journey, appreciating a whopping by 49 paise to end at a fresh more-than 4-1/2-month high of 53.02 against the Greenback on heavy dollar selling by exporters and some banks amid sustained capital inflows. The dollar selling was so strong that that some weakness in local equities and also in dollar overseas could not able to stem the rupee rise, a forex dealer said. The rupee commenced a tad higher at 53.50 a dollar as against overnight close of 53.51 at the Interbank Foreign Exchange (Forex) market and immediately logged a low of 53.55. From gulftoday