The rupee rose for the fifth straight session to a near-three-week closing high today, drawing support from the dollar's drop overseas and strength in the local stock market, which has revived foreign fund inflows. The rupee, estimated to be overvalued by nearly 7% on a trade-weighted basis, was also comforted by comments from the central bank governor, Y.V. Reddy, who said he did not see excessive speculative activity in financial markets. The rupee ended at 43.49, up from the previous close of 43.54.
