Rupee firm against dollar at 66.35

The rupee continued to rule firm against the US currency for the fifth straight session and ended higher by five paise at 66.35 on persistent selling of dollars by banks and exporters amid recovery in equities.

The domestic unit resumed higher at 66.35 a dollar against last Friday's level of 66.40 at the interbank foreign exchange (Forex) market.

It moved in a range of 66.26 and 66.36 during the day before ending at 66.35, showing a further gain of 5 paise or 0.08 per cent. The rupee has gained 74 paise or 1.10 per cent in five days.

The dollar index was up by 0.07 per cent against the the basket of six currencies in the late afternoon trade.

At overseas, the dollar drifted lower in light Asian trading early today amid doubts about how far and fast the Federal Reserve would raise US interest rates next year. Oil prices resumed their slide in Asia as a spurt in the number of US oil rigs in use and the prospect of renewed crude exports from the country compounded a global oversupply.

However, the dollar was almost flat against the yen in quiet, range-bound late Asia trade on Monday, with gains capped after the Bank of Japan disappointed the market with its steps to complement its existing easing programme.

Pramit Brahmbhatt, Veracity Group CEO, said, "The rupee closed on a positive note at 66.35 levels gaining five paise. Today lndian benchmark index Nifty gained 72 points on back of continuous buying throughout the day.

Trading range for the spot $/Rs pair is expected to be within 66 to 66.75 range.