Rupee surges to 44.59 against dollar

The rupee continued to trade near its strongest level in four and half months on Thursday,buoyed by gains in domestic shares and tracking sharp losses in the dollar versus major currencies overseas. At 4:30 p.m.,the partially convertible rupee was at 44.59/60 per dollar,after hitting 44.5175,its highest since Nov. 12 and stronger its previous close of 44.745/755. “Good rally in shares and even the dollar is getting beaten across the board,so rupee is rising,but some demand seen from oil firms; it being month-end,” a senior dealer with a state-run bank said.