Rupee edges up by 3 paise vs dollar

The Indian rupee inched up by three paise after opening weak against the US currency in late morning trade today on mild dollar-selling by banks and corporates at the current level.

In quiet trade at the Interbank Foreign Exchange (Forex) market, the rupee resumed weaker by 5 paise at 51.75 a dollar from its last close of 51.70/71. But in late morning deals, the domestic currency inched up to 51.67/68 showing a marginal gain of three paise.

Dealers said volumes were likely to be thin ahead of the local holidays. Financial markets are closed on Tuesday and Wednesday for religious festivals.

Meanwhile, oil prices rose in the Asian trade today on expectation the Organisation of Petroleum Exporting Countries (Opec) will further cut production.

New York's main futures contract, light sweet crude for April delivery, climbed $1.04 to $46.56 a barrel.