The Indian rupee advanced further by 19 paise to Rs 45.15 per US dollar in early trade today on persistent selling of the American currency by banks and exporters in view of dollar weakness overseas amid a recovery in the domestic equity market.
The rupee resumed higher at Rs 45.17/18 per dollar on the Interbank Foreign Exchange, as against last weekend’s close of Rs 45.34/35 per dollar, and subsequently moved up further to Rs 45.15 per dollar before quoting at Rs 45.18/19 per dollar at 1030 hours.
Sustained selling of dollars by banks and exporters due to weakness of the greenback in global markets mainly boosted the rupee value against the dollar, a forex dealer said.
The dollar declined against the euro and other major currencies in the New York market yesterday, even as US stock benchmark indices rose more than 1 per cent, regaining some of last week’s losses.
Taking cues from the US and Asian markets, the Indian benchmark Sensex recovered by 102 points, or 0.61 per cent, in early trade today.
Meanwhile, crude oil prices dipped to USD 87.43 a barrel in Asian trade today ahead of a meeting between German and French leaders on how to deal with the eurozone’s spiralling debt crisis.