The Indian rupee gained by 21 paise to Rs 45.50 against the American currency in the morning trade on fresh selling of dollars by banks and corporates in view of weakness of dollar in overseas markets.
In active trade at the Interbank Foreign Exchange (Forex) market, the domestic unit opened higher at Rs 45.58/59 per dollar against the Tuesday’s close of Rs 45.71/72 per dollar and firmed up to Rs 45.50 before quoting at Rs 45.55/56 per dollar at 1030 hrs.
It moved in a range of Rs 45.50 per dollar and Rs 45.65 per dollar in the morning deals.
Fresh selling of dollars by banks and corporates on the back of fall in dollar in the New York market mainly boosted the rupee value.
The dollar edged lower against the euro in New York market yesterday, after Federal Reserve policy makers unanimously agreed to maintain low rates and their bond buying program.