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The rupee inched up by five paise to 44.96 against the US dollar in the morning trade on persistent selling of the American currency by banks and exporters.
At the Interbank Foreign Exchange market, the domestic currency moved in a narrow range between 44.96 and 45.00 per dollar in the morning deals. At 10.30 a.m., the rupee was quoting at 44.97/98 per dollar.
In the Sydney market, the Japanese yen reversed course in the morning trade, strengthening against the US dollar and euro despite reports that global intervention to weaken the currency has not necessarily ended.
The Japanese yen lost ground to the US dollar and other major rivals in the New York market on Monday.
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