Indian rupee climbs

The Indian rupee climbed to its highest level in a month on Tuesday as a record high in the stock market attracted foreign investment, but suspected central bank intervention drove it off its peak. The partially convertible rupee ended at 40.5500/5675 per dollar, up smartly from Monday's 40.65/66.
It traded as strong as 40.44, equalling its peak on June 4. The rupee has been mostly in a 40.50-41.25 range since early May - it hit a nine-year high of 40.28 in late May - and the central bank is widely suspected of intervening to try to keep it weaker than 40.50. "The market did not expect the central bank to let 40.50 give way, so once it did, the floodgates opened," said the chief dealer with a private bank.