MUMBAI: The rupee appreciated sharply by 52 paise to end at a two-week high of 48.20/21 against the dollar today as the weak US currency overseas and strong equity markets powered the local unit's bounce-back. The US dollar dropped to a six-week low in early trade on the London Exchange after equity markets surged on hopes of encouraging earnings. In fairly active trade at the Interbank Foreign Exchange (forex) market, the domestic currency moved in a range of 48.18 and 48.56 after resuming stronger at 48.52/54 a dollar from its previous close of 48.72/73. Cutting short a two-day losing streak, the rupee rallied to touch a two-week high of 48.18 in afternoon trade as the dollar fell sharply against the euro. Dealers said the rupee drew support from buoyant equity markets, raising expectations of increased capital inflows in the second half of the calendar year. Fresh signs of recovery in the economy also aided rupee sentiment. The Indian benchmark Sensex spurted 446 points or 3.0% while Asian Indices ended higher by about 1.0% to 3.7%. The Sensex had risen by 495 points or 3.5% on Friday. Meanwhile, global oil prices surged to $64 a barrel in London trading.

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