Rupee falls on weak local equities

Mumbai: The rupee surged to 61.6150 from its previous close of 61.74/75 as dealers cited talk of dollar sales from a foreign telecom company.

Traders also cite dollar sales from foreign banks on bunched up inflows after markets were closed on Monday for a public holiday.

The rupee strengthens even as the benchmark BSE share index fell 1.3 percent from a record high hit in a special trading session on Sunday.

Euro fell to a near four-week low against the yen on Tuesday, hit by speculation the European Central Bank may signal easier monetary policy or even cut rates this week.