Rupee advances by 13 paise against U.S. dollar

The Indian rupee was up by 13 paise at Rs. 47.42 per U.S. dollar in early trade today on persistent selling of dollars by banks and exporters in view of weakness of the American currency overseas and firmness in the domestic equity market.

The rupee resumed higher at Rs. 47.50/51 per U.S. dollar at the Interbank Foreign Exchange as against the last closing level of Rs. 47.55/56 per U.S. dollar and shot up further to Rs. 47.42 per U.S. dollar before quoting at Rs. 47.44/45 per U.S. dollar at 10.30 a.m.

It hovered in a range between Rs. 47.42 per dollar and Rs. 47.55 per U.S. dollar during morning deals.

Sustained selling of dollars by banks and exporters in view of dollar weakness in the New York market, coupled with a firm trend in the domestic equity market, boosted the rupee value against the dollar, a forex dealer said.

In the New York market, the euro rose on Thursday after the European Central Bank said it will offer longer term, dollar loans to European banks to relieve some stress in the region’s financial markets.