The rupee gained 13 paise to Rs 44.30 against the US dollar in the late morning trade today on fresh selling of dollar by banks and exporters in view of persistent capital inflows by foreign funds into the equity market.
The domestic unit resumed slightly higher at 44.42/43 per dollar at the Interbank Foreign Exchange market against its previous close of 44.43/44 per dollar and moved up further to 44.30 per dollar before quoting at 44.35/36 per dollar at 10.30 am
It hovered in a range between Rs 44.30 and Rs 44.44 per dollar during the morning trade.
According to a forex dealer, banks and exporters preferred to sell dollars following sustained capital inflows from foreign funds.
However, the US dollar extended its gains against the euro yesterday in New York after Moody’s Investors Service cut its credit rating on Portugal to below investment grade.