The Rupee rallied smartly to a new nine-and-a-half year high of 39.37/38 against the US currency during morning trade on the back of a sharp surge in Asian equity markets.In fairly active trade at the Interbank Foreign Exchange (forex) market, the local currency resumed firm at 39.41/43 a dollar from Friday''s close of 39.48/49.
However, it came under pressure and moved in line with local equity market, which tumbled sharply by about 432 points from its early highs and was quoted at 39.43/43 per dollar.Meanwhile, the Hong Kong stock market opened 1.4 per cent higher following strong gains on Wall Street on Friday.
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