Rupee up by 20 paise vs dollar

The Indian rupee was up by 20 paise at Rs 47.85 per US dollar in early trade today on fresh selling of dollars by banks and exporters amid weakness of the American currency in overseas markets.

The rupee resumed higher at Rs 47.95/96 per dollar on the Interbank Foreign Exchange, as against its previous close of Rs 48.05/06 per dollar, and moved up further to Rs 47.85 per dollar before quoting at Rs 47.90/91 per dollar at 1030 hours.

The domestic currency hovered in a range between Rs 47.85 and Rs 48 per dollar in morning deals.

Renewed selling of dollars by banks and exporters in view of dollar weakness in overseas markets mainly boosted the rupee value against the American currency, a forex dealer said.

In the New York market, the US dollar declined marginally yesterday as the euro sentiment improved following reports that Greece's Finance Minister concluded a conference call with the International Monetary Fund, the European Commission and European Central Bank on its debt crisis and said talks would continue this weekend.