Rupee improves further by 12 paise vs $ in morning trade
Press Trust of India / Mumbai May 21, 2009, 11:46 IST
The Indian rupee today improved further by 12 paise to 47.35 against the US currency in morning trade as dollar weakened against other major currencies.
The domestic currency also drew support from expectations of heavy capital inflows into the country amid growing optimism about speedy reforms in the financial sector by the new Congress-led UPA government, forex dealers said.
In lacklustre activity at the Interbank Foreign Exchange (forex) market, the rupee resumed higher at 47.43/45 a $ from its previous close of 47.47/48 a $ and later touched a high of 47.35 before being quoted at 47.44/46 a $ in late morning deals.
Forex dealers said dollar's weakness against major world currencies in overseas market aided the rupee sentiment.
They, however, said the rupee is expected to remain under pressure due to likely dollar demand from oil refiners amid negative FII activity in equity yesterday.
The Indian benchmark Sensex was down 88 points this morning.
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