Rupee up 22 paise to 64.89/$

The rupee on Tuesday rebounded 22 paise to close at a two-week high of 64.89 against the US dollar, cashing in on positive sentiments following Moody’s upgrade of India’s credit rating. This is the highest closing for the domestic currency since November 6. Heavy selling in the greenback by exporters and banks as well as weakness in the dollar against other currencies overseas largely supported the rupee’s recovery.