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Rupee at three-week high; budget, GDP data awaited

Source : REUTERS
Last Updated: Thu, Feb 28, 2013 04:39 hrs
A shopkeeper counts Indian currency notes inside his shop in Jammu

The rupee rises to 53.59/60 in opening trade, its highest since February 8 and weaker compared with its close of 53.86/87 on Wednesday.

Traders say a risk-on mood globally pushing the dollar lower, while market is also hopeful for a fiscally disciplined budget.

Asian shares and other risk assets rise as sentiment improves after U.S. Federal Reserve Chairman Ben Bernanke reaffirms his commitment to strong stimulus, while a smooth debt sale calms fears over Italy's political turmoil.

Traders expect good support for the dollar around 53.55 levels, while month-end dollar demand from oil firms may also aid.

The December quarter GDP data due around 0530 GMT will also be watched for direction.

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