 "Rupee down by 4 paise vs dollar in late morning trade")
The rupee slipped by four paise to 66.08 per dollar in late morning deals following fresh demand for the US currency from banks and importers on the back of higher dollar overseas.
The Indian rupee opened almost flat at 66.03 per dollar against yesterday's closing level of 66.04 at the Interbank Foreign Exchange (Forex) market.
It moved in a range 66.16 to 66.02 during the morning deals before quoting 66.08 at 1030hrs.
"US GDP data suggests that economic conditions are getting better and on the right track. Taking cues from Indian equities opening positively, while profit booking at higher level may cap the gain." dealer said.
"Rupee is also expected to trade strong, supported by local equities, the range for the rupee between 65.60-66.60 per dollar," he added.
Crude extended gains in Asia following a 10% price surge in the previous session fuelled by strong US economic data.
At the New York market, the dollar rose for a third straight day yesterday after the Commerce Department revised second-quarter gross domestic product growth upward to 3.7 pct from 2.3%.
Meanwhile, the benchmark BSE Sensex was trading up by 445 points or 1.70% at 26,676.16 at 1030 hrs.
The Indian rupee opened almost flat at 66.03 per dollar against yesterday's closing level of 66.04 at the Interbank Foreign Exchange (Forex) market.
It moved in a range 66.16 to 66.02 during the morning deals before quoting 66.08 at 1030hrs.
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The dollar index was trading down 0.08% at 95.69 against a basket of six currencies in the early trade.
"US GDP data suggests that economic conditions are getting better and on the right track. Taking cues from Indian equities opening positively, while profit booking at higher level may cap the gain." dealer said.
"Rupee is also expected to trade strong, supported by local equities, the range for the rupee between 65.60-66.60 per dollar," he added.
Crude extended gains in Asia following a 10% price surge in the previous session fuelled by strong US economic data.
At the New York market, the dollar rose for a third straight day yesterday after the Commerce Department revised second-quarter gross domestic product growth upward to 3.7 pct from 2.3%.
Meanwhile, the benchmark BSE Sensex was trading up by 445 points or 1.70% at 26,676.16 at 1030 hrs.
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