Rupee appreciates to 48.94 per dollar

The partially convertible India rupee appreciated by 14 paise against the dollar on the interbank foreign exchange market due to persistent foreign fund inflows.

Rupee had advanced by 24 paise in morning trade today. At 12.30 pm IST, the rupee was seen trading at 48.94 up Rs 0.14.

The dollar has weakened against the rupee and other major currencies on Wednesday. Positive equity market also helped rupee to advance in trade.

Rupee sentiment was also boosted after the ONGC share sale as the government aims to raise money by selling 5% holding in the company through an auction.

Q3 GDP data released today was also disappointing at 6.1%, which may weigh on rupee in trade.

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