MUMBAI: The rupee snapped two-day losing string in late morning trade and was quoted up by four paise to 49.83/84 against the US currency following smart recovery in equity markets amid another stimulus package announced by the government on Tuesday. At the Interbank Foreign Exchange (Forex) market, the domestic unit resumed sharply higher at 49.72/75 a dollar but gave up part of its early gains to quote at 49.83/84 in late morning deals, still showing a rise from its previous close of 49.87/88 per dollar. Overnight announcement of another Rs 30,000 crore rescue package by the government to support the sagging economy, mainly helped the recovery in local bourses, which supported the rupee, forex dealers said. Firm trend in global equity markets also partly aided the rise in the rupee value. The Indian benchmark Sensex was up by over 128 points, or 1.45 per cent, at 1015 hours, while most of the Asian indices were trading firm this morning. According to market participants, the rise in the rupee might cap due to sustained capital outflows amid firm dollar overseas and downgrading outlook on country's long-term sovereign credit to negative from stable by international credit rating agency Standard & Poors.

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