Money & Banking

Rupee strengthens against dollar

PTI Mumbai | Updated on February 15, 2011

The rupee was up by 11 paise at 45.38 against the US dollar in the early trade today on sustained selling of the American currency by banks and corporates amid dollar’s weakness overseas.

At the Interbank Foreign Exchange market, the domestic unit opened higher at 45.44/45 per dollar against the previous close of 45.49/50 per dollar and moved up further to 45.38. At 10.30 a.m., it was quoting at 45.43/44 per dollar. It moved in a range between 45.38 and 45.50 per dollar in the morning deals.

Sustained selling of dollar by banks and corporates due to weakness of the greenback in the overseas market mainly boosted the rupee value, a forex dealer said.

The euro fell to its lowest level against the US dollar in three weeks, as investors grew skeptical about the prospects for a comprehensive solution to the euro zone’s sovereign debt crisis.

Published on February 15, 2011

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