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An employee counts Indian currency notes at a cash counter inside a bank in...
The Indian rupee advanced by another 12 paise to 44.85 against the US dollar in early trade today on persistent selling of dollars by banks and exporters in view of dollar weakness overseas.
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At the Interbank Forex Exchange, the rupee resumed higher at 44.93/94 per dollar as against the previous closing level of 44.97/98 per dollar and moved up further to 44.85 per dollar before quoting at 44.90/91 per dollar at 1030 hours.
It hovered in a range between 44.85 and 45.00 per dollar in morning deals.
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Banks and exporters preferred to reduce their dollar position amid the fall of the dollar in global markets, a forex dealer said.
The dollar slipped against major currencies in the New York market yesterday after a pair of reports on US housing and manufacturing.
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Meanwhile, crude oil rebounded in Asian trade today as traders bought cheaper crude after prices fell sharply the previous day, analysts said. New York's main contract, light sweet crude for July delivery, advanced by 38 cents to $99.31 a barrel.
