The currency markets, after celebrating a prolonged weekend, on the eve of Holi have begun celebrations on Tuesday as well as Rupee starts up on a high note.

On Tuesday, when the markets opened, the Rupee was on a 2-week high. Experts say that the hike is due to the gains in local shares and other Asian currencies. However, the rise was limited because of the dollar buying by a few state-run banks.

During the opening trades, the rupee was at 46.04/045 per dollar, after opening at the same level of 45.95 as it was on February 17.

On Friday, it closed at 46.085/095 before the markets were closed for the weekend and the festival of colors. Experts believe that the extended weekend helped the boost as there were pipeline supplies. The rupee was still range bound from 45.95 to 46.07. State owned banks are buying dollars for genuine import covers, has capped the rise.

Also the positives from the BSE as it opened 1.1 percent up today helped. One-month offshore non-deliverable forward contracts PNDF were at 46.08/18, close to the onshore rate.