Rupee continues to rule firm vs dollar, at 54.70/dollar

Increased selling of US currency by exporters and banks helps rupee

The rupee continued to rule firm against the American currency in the late morning trade and was quoted up by 11 paise to 54.70 per dollar on selling of dollars by banks and exporters.

The rupee resumed slightly higher at 54.80 per dollar against the last weekend's level of 54.81 per dollar at the Interbank Foreign Exchange (Forex) Market and hovered in a range of 54.67 per dollar and 54.83 per dollar before quoting at 54.70 per dollar at 1040hrs.

Persistent selling of dollars by banks and exporters mainly boosted the rupee value against the dollar, a forex dealer said.

In Los Angeles, Japan's currency fell in the early trade following a report that the nation's central bank is planning a massive bond purchase.

The US dollar during the early Asian trading bought 98.44 yen, up from a settlement around 97.33 late Friday in North American trade.

Meanwhile, the Indian benchmark Sensex moved up by 18.45 points, or 0.10 per cent to 18,468.68 at 1040 hrs.