The rupee surges 31 paise to a nearly 2-week high versus the dollar, marking the fourth consecutive day of advances.

The rupee rose 31 paise to settle at a nearly two-week high of 75.59 versus the US dollar on Tuesday, as bullish local equities and a weak American currency in global markets improved investor mood. Risk sentiment has improved in global markets, allowing riskier assets and developing currencies to outperform the dollar, according to experts. The native currency began strongly at 75.74 vs the greenback on the interbank forex market, with an intra-day high of 75.41 and a low of 75.74 throughout the day's trading. It finally closed at 75.59 cents per dollar, the highest level since December 8. In the previous session, the rupee had finished at 75.90 versus the US dollar. Low oil prices have helped the local currency gain about 1%, or 73 paise, in the four days leading up to Tuesday.