The Indian rupee was up by 13 paise at Rs 47.42 per US dollar in early trade on Friday 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 US dollar at the Interbank Foreign Exchange as against the last closing level of Rs 47.55/56 per US dollar and shot up further to Rs 47.42 per US dollar before quoting at Rs 47.44/45 per US dollar at 1030 hours.
It hovered in a range between Rs 47.42 per dollar and Rs 47.55 per US 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 yesterday 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.