Rupee up 10 paise to 55.56/dollar

Continues to rule firm against dollar on sustained selling of dollars by banks and exporters

Moving in line with equity market, the rupee continued to rule firm against the American currency in late morning session by gaining 10 paise to 55.56 against dollar on sustained selling of dollars by banks and exporters.

The rupee resumed higher at 55.54 per dollar against the last closing level of 55.66 at the Interbank Foreign Exchange (Forex) Market.

It moved in a range of 55.50-55.62, before quoting at 55.56 at 1040 hrs.

Persistent selling of dollars by banks and exporters on the back of weakness of the American currency in New York market mainly boosted the rupee value, a forex dealer said.

In New York market, the dollar fell against the euro yesterday pushing the shared currency to its highest level in more than two months, after European Central Bank President Mario Draghi said the ECB is prepared to buy sovereign bonds of countries.

Meanwhile, the Indian benchmark Sensex shot up by 313 points, or 1.81%, at 1045 hrs.