The Indian rupee moved up by 4 paise to 44.39 per U.S. dollar in early trade on Friday on fresh selling of the American currency by banks and exporters in view of the persistent fall of the dollar in overseas markets.
At the Interbank Foreign Exchange, the domestic currency opened steady at 44.43/44 per dollar, but moved up to 44.39 per dollar before quoting at 44.41/42 at 1030 hours.
It moved in a range between 44.39 and 44.47 in morning deals.
Banks and exporters preferred to reduce their dollar positions on the back of the sustained fall of the dollar in the New York market, a forex dealer said.
The U.S. Dollar fell for the sixth straight day yesterday in the New York market, as stocks inched up and gave currency traders more reason to shift out of perceived safe havens.
