Rupee appreciates to 47.60 against dollar

“The market is rangebound,there is not much volatility today. Rupee has strengthened mainly following the other Asian currencies which have risen against the dollar,” a senior dealer at a state-run bank said,predicting a 47.45-75 range.

Most Asian currencies were stronger versus the dollar.

Indian shares are set to rise after US consumer confidence showed its biggest monthly jump in six years,fuelling a Wall Street rally and strengthening investor confidence across Asia.

Regional sharemarkets were in the green. The MSCI index of stocks outside Japan was up 2 per cent. The Nifty stock futures traded in Singapore were up 2.4 per cent,pointing to a firm start in the domestic market.

Foreigners have been net buyers of nearly $3.7 billion worth of local shares this year,after net sales of more than $13 billion in 2008.

However,dealers said the dollar’s strength versus other major currencies and month-end dollar demand from importers and refiners,could cap the rupee’s gains. The dollar index,an indicator of the US unit’s performance against six majors,was up 0.1 per cent.