Appreciating Rupee - who gained ?

They did. Check out this article on Financial Express titled - New billion-dollar babies on the bourses.

One year ago, there were just 98 companies in this club, which has expanded by 48 now, taking the combined market value of all listed companies in the country to a little below one trillion dollars.

Among these, the dollar-market values of 25 companies have doubled since the beginning of 2007, while just 16 have seen a two-fold jump in their market capitalisation in rupee terms.

In the past one year, since May 21, the market cap of 27 companies has doubled in dollar terms, while the rupee-market value of only 17 companies has witnessed a similar jump in the same period.

The rupee has gained about 8% in 2007, and over 10% in the past one year.

And me. Got this fabulous deal from Dell. 15.4" might be a little bit bulky. I am not complaining though. :)
[Update]

Who looses ?

The exporters are having a hard time coping with this. [Article Link]. Exporters are resorting to trading in Euros. Remember Chinese Yuan has remained constant!

Although concerned about maintaining competitiveness, many exporters said that they had no option left other than negotiating an upward revision in the prices for their products – a task, which they were finding extremely difficult. Several exporters also displayed their keenness to hedge against the exchange rate risk using instruments like forward contracts.

Exporters were also on the lookout for clients and markets where euro could be used as a medium of exchange rather than the dollar. Some said they were trying for a shift in the medium of exchange from the dollar to euro in their existing contracts. A few exporters suggested that they would be looking at a short period of validity of quotations for greater safety.

The small and medium enterprises (SMEs) have been affected the most by the escalating rupee, the survey revealed. The SMEs, unlike large enterprises, neither have the option of reducing their cost burden by resorting to external sources of finance like ECBs nor have the knowledge about how to safeguard and hedge their currency exposure using sophisticated techniques like forward contracts.