Rupee up by another 8 paise vs dollar

Jun 06, 2011 |

mumbai

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The Indian rupee moved up further by 8 paise to 44.73 against the American currency in early trade on persistent selling of dollars by banks and exporters on the back of weak dollar in overseas.

At the Interbank Foreign Exchange, the rupee resumed higher at 44.74/75 against the dollar as against the last weekend’s level of 44.81/82 per dollar and firmed up further to 44.73 per dollar before quoting at the same morning level of 44.74/75 per dollar.

It moved in a range between 44.73 per dollar and 44.77 per dollar during the morning deals.

Banks and exporters preferred to reduce their dollar position at the current stage in view of fall of dollar in global markets.

The dollar extended losses in the Tokyo market in early trade against the euro on expectations that the European Central Bank will send a hawkish message at its policy meeting later this week.

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