Rupee erases some gains; still up 39 paise against dollar

The dollar has also eased in the overseas currency markets.

The rupee resumed higher at 55.35 per dollar as against the last weekend's level of 55.75 at the Interbank Foreign Exchange (Forex) Market and moved up further to 55.24.

However, it failed to maintain the early gains on mild dollar. It was quoting at 55.36 per dollar at 1040hrs.

In New York, the dollar declined last Friday against major global currencies following stronger-than expected US employment report.

Strong equities market in India also helped the rupee gain on the back of FII inflows, traders said. The BSE 30-stock index, Sensex, was trading up by 228 points or 1.33 per cent.