Indian rupee appreciated on Friday, October 31 as a rebound in stocks encouraged speculation of some fresh foreign funds. However, month-end dollar demand from oil refiners capped the gains. 

The rupee strengthened the most in three weeks on signs a capture in global credit markets is easing as central banks from the USA to Japan slashed interest rates and injected funds into the financial system.

The rupee rose marginally 0.4% to settle at 49.46 a dollar from Wednesday`s (October 29) close of 49.67.