Rupee up 11 paise in late morning trade

Surrendering some of its early gains, the rupee on Friday rose by 11 paise to 64.44 against the dollar in the late morning trade on selling of the US currency by banks and exporters amid recovery in the equity markets.

Finance Minister P. Chidambaram’s assurance to investors on Thursday and dollar volatility helped in improving the rupee sentiment, forex dealers said.

The rupee resumed higher at 64.30 per dollar as against Thursday’s closing level of 64.55 at the Interbank Foreign Exchange (Forex) Market.

It hovered in a range of 64.28 and 64.70 per dollar before quoting 64.44 at 10.40 hours (IST).

In New York market, the US dollar traded higher against its rival currencies on Thursday despite a series of mixed economic data.

SOURCE:http://www.thehindu.com/business/markets/rupee-up-11-paise-in-late-morning-trade/article5051579.ece

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