Rupee rises 8 paise against dollar to a five-week high

The rupee gained 8 paise to close at a fresh five-week high of 70.69 against the dollar on Tuesday, following foreign fund inflows and gains in Asian peers after the Chinese central bank cut interest rates. Forex inflows through Bajaj Finance share sale to qualified institutional investors helped the rupee hold strong against a strengthened dollar and rising crude oil prices, analysts said.