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MUMBAI: The rupee on Thursday bounced back sharply by 22 paise to 46.65/66 against the US dollar on hopes of higher capital inflows amid a sustained rally in the stock market.

A weak American unit that hovered below its three-month peak against the Euro also supported the Indian rupee.

Forex dealers attributed the smart recovery in rupee to the benchmark Sensex that rallied 130 points to close at a 19-month high of 17,360.61 points.

They said expectations of increased capital inflows after Foreign Institutional Investors (FIIs) resumed buying yesterday also boosted rupee sentiments.

Meanwhile, the dollar was down against basket of currencies today as its rally stalled following news of a surprise drop in US home sales that dented optimism about the economy.

In fairly active trade, the domestic unit opened higher from its previous close before turning positive to end at 46.65/66 a dollar. - PTI

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