Indian rupee climbed to a 19-month high as global investors poured in money in Indian stocks and bonds to reap the benefits of the country's economy, which is recovering faster than expected. At IST 10 AM the rupee was 0.3 per cent up at 44.77 per dollar.

Since the beginning of the year, the Indian currency has witnessed a rise of 3.9 per cent in its value as compared to the US dollar. So far its the second best performing currency in the Asian market next only to the Malaysian Ringgit.

The rupee headed north after the market regulator showcased foreign investors' investment report in the Indian market. Data released by the Securities and Exchange Board of India revealed, foreign investors' ownership of Indian stocks and bonds has escalated to $77.2 billion and $12.2 billion respectively, their highest ever in the Indian market.

The foreign institutional investors have been on an aggressive buying mode at the Indian bourses since Finance Minister Mr. Pranab Mukharjee announced the Union Budget 2010-11. In his announcement, he considered Indian growth story impressive and expected the country to grow between 7.2 per cent and 8.75 per cent.