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Continuing on its gaining streak for the fifth straight day, the rupee rose by another 16 paise to Rs 44.90 per US dollar in the early trade today due to persistent selling of dollar by banks and exporters amid firm domestic equity markets.
At the Interbank Foreign Exchange, the domestic unit opened higher at 44.99/45.00 per dollar against the overnight closing level of 45.06/07 per dollar and moved up further to 44.90. At 10.30 a.m., the rupee was quoting at 44.92/93 per dollar.
It hovered in a range between Rs 44.90 and Rs 45.05 per dollar in the morning deals.
Persistent selling of dollar by banks and exporters amid firm equity markets mainly boosted the rupee value against the dollar, a forex dealer said.
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