The rupee rose to a near three-week high against the dollar on Wednesday on the back of strong foreign investor buying in the debt market, although greenback demand from importers and a fall in shares limited further gains.Traders said a large foreign bank was spotted selling dollars, amounting to around $250 million, for investment intended into government bond markets.The focus will shift to global factors, including the release of the minutes of the U.S. Federal Reserve policy meeting in July later in the day and the annual gathering of policymakers and central bankers in Jackson Hole, Wyoming, later this week.

Source - http://in.reuters.com