Rupee ends below 48-level for first time in a month

Extending the gains for second day on Tuesday, the Indian rupee on Tuesday closed below 48 level at 47.91/92 against the greenback for the first time in a month on demand for the local currency amid strong expectations of fresh capital inflows.
The domestic unit closed the day up 13 paise, helped by firm equity markets.Traders in foreign exchange said expectations US Federal Reserve cutting the interest rates in the meeting late on Tuesday fuelled hopes of dollar flowing into the country's share markets.
In a volatile trade at the Interbank Foreign exchange (Forex) market, the local unit opened slightly better at 48.00/02.
After moving erratically for most part of the day, the rupee touched a high of 47.79 per dollar in the concluding session, helped by a sudden rise in benchmark Sensex.
However, fag-end dollar buying by importers as well as short coverings by exporters ahead of the US Fed meeting pushed the rupee downwards. It finally settled the day at 47.91/92. The local unit had surged by 41 paise yesterday.
The Indian benchmark Sensex rose nearly 145 points boosting the rupee sentiment.
Weak dollar against basket of currencies also aided the rupee rise. It slipped against both the yen and the euro, striking a two-month low against the single European currency as traders continued to exit long dollar positions, spooked by uncertainty over the fate of US automakers.