PN:Rupee up 6 paise against dollar in late morning deals
Mumbai: The rupee was trading up by 6 paise to 54.51 in late morning deals today on steady dollar selling by banks and exporters amid firm equities and weak US currency overseas.
Earlier, the rupee resumed sharply higher at 54.40 a dollar at the Interbank Foreign Exchange Market.
Later, some American currency demand from importers led the rupee to 54.54 before quoting 54.51 a dollar at 11:00 am.
The rupee had gained 18 paise to close at one-week high of 54.57 against the US dollar yesterday.
Firm local equities and subdued dollar overseas is supporting the rupee sentiment, dealers said.
In New York market, the dollar dropped against the basket currencies after European Central Bank president Mario Draghi lowered hopes that a euro-zone interest-rate cut will be coming soon.
Meanwhile, the BSE benchmark 30-share index, Sensex, was trading up by 88.21 points or 0.45 per cent quoting 19,756.88 at 11:15 am.
