Rupee rallies to 46.60

The Indian rupee surged further by 28 paise to 46.60 against the greenback in early trade today on sustained dollar selling and weakness against a basket of currencies.The rupee also strengthened on a smart rally in local stocks in early trade. The domestic currency resumed higher at 46.82/83 a dollar against its last close of 46.88/89 a dollar and later surged to a high of 46.60 before being quoted at 46.70/71 a dollar in late morning deals. Dealers at the Interbank Foreign Exchange (forex) market said the rupee is expected to remain stronger against dollar that remained under pressure on expectations of steady US interest rates. They said the Indian unit may face pressure due to likely central bank intervention in the later part of the day.