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Moving in line with the equity market, the rupee firmed up by another 15 paise to 44.70 against the US dollar in the early trade today on sustained selling of dollar by banks and exporters despite strengthening of the American currency in the overseas markets.
In an active trade at the Interbank Foreign Exchange market, the local currency resumed steady at 44.85/86 and hovered in a range between 44.70 and 44.86. At 10.30 a.m., the rupee was quoting at 44.75/76 per dollar.
Persistent selling of dollar by banks and exporters in view of good capital inflows from foreign funds into the equity market mainly boosted the rupee value against the dollar, a forex dealer said.
The US dollar rose against the euro and British pound in the New York market on Wednesday, with the euro extending its losses after Portugal’s austerity plan was summarily rejected by its Parliament.
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