The Indian rupee bounced back by 11 paise to 44.88 per U.S. dollar on fresh selling of dollars by banks and exporters in view of dollar weakness in global markets.
At the Interbank Foreign Exchange (Forex) market, the rupee resumed higher at 44.91/92 per dollar as against yesterday’s closing level of 44.99/45.00 per dollar and moved up further to 44.88 per dollar before quoting at 44.94/95 per dollar at 1030 hours.
It hovered in a range between 44.88 and 45.05 per dollar in morning deals.
Dollar weakness in overseas markets mainly boosted the value of rupee against the dollar, a forex dealer said.
The U.S. dollar fell in New York yesterday after hitting its highest level against the euro in more than six weeks, as commodities strengthened, turning equities higher and reducing the greenback’s appeal against riskier assets.
