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Rupee up by 16 paise vs dollar

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The Indian advanced further by 16 paise to 49.66 against the American currency in the early trade on a sustained selling of dollars by banks and exporters on the back of weakness of dollar in overseas market.

The rupee resumed higher 49.67/68 per per dollar at the (Forex) market as against the last closing level of 49.82/83 per dollar and moved up further to 49.66 per dollar before quoting at 49.68/69 per dollar at 1030hrs.

It hovered in a range of 49.66 per dollar and 49.80 per dollar during the morning deals.

Persistent selling of dollars from banks and exporters in view of lower dollar in overseas market mainly boosted the rupee value against the dollar, a forex dealer said.

The fell in the New York market yesterday to its lowest level since early September against the euro, following a report that Germany is willing to leverage Europe's bailout fund to more than one trillion euros, or about  $1.39 trillion.

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