Rupee at Three-Week High; Budget, GDP Data Awaited

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February 28, 2013 4:02 PM EST

The rupee rises to 53.59/60 in opening trade, its highest since February 8 and weaker compared with its close of 53.86/87 on Wednesday.

Traders say a risk-on mood globally pushing the dollar lower, while market is also hopeful for a fiscally disciplined budget.

Asian shares and other risk assets rise as sentiment improves after U.S. Federal Reserve Chairman Ben Bernanke reaffirms his commitment to strong stimulus, while a smooth debt sale calms fears over Italy's political turmoil.

Traders expect good support for the dollar around 53.55 levels, while month-end dollar demand from oil firms may also aid.

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