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RTRS: Indian rupee at new 1-mth high; stocks rise helps
 
MUMBAI, Sept 17 (Reuters) - The Indian rupee strengthened past 48 to a dollar on Thursday, tracking the broad weakness in the U.S. unit versus major currencies and a higher start to local shares that could bring in more capital inflows.

At 10:27 a.m. (0457 GMT), the partially convertible rupee INR=IN was at 48.07/08, 0.4 percent stronger than its previous close of 48.24/25. In early deals, it rose to 47.92, its strongest since Aug. 11.

"The rupee is rising tracking majors, especially the euro, as also the consistent performance of the stock market," said V. Kumar, chief dealer with State Bank of Travancore. He predicted a range of 47.80-48.10 during the day.

The rupee is up 0.9 percent so far this week, taking its rise this month to 1.7 percent.

"The immediate pressure seems to be downwards for the dollar-rupee, at least up to 47.80, if it breaks that, then can go down to 47.25, which is what market expects," Kumar said.

Shares .BSESN rose 0.7 percent early, tailing gains in regional markets and strengthening hopes for a global recovery, but there was some resistance after a sharp run up to 16-month highs.
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