Rupee gains nine paise against US $ in early trade | business | Hindustan Times
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Rupee gains nine paise against US $ in early trade

The Indian rupee improved further by nine paise to 41.98/99, against the US currency in late morning deals following stability in equity markets and weakness in dollar overseas.

business Updated: Aug 07, 2008 12:46 IST

The Indian rupee improved further by nine paise to 41.98/99, against the US currency in late morning deals following stability in equity markets and weakness in dollar overseas.

In quite trade at the Interbank Foreign Exchange (Forex) market, the local unit opened higher at 41.96/97 from previous close of 42.07/08 a dollar before being quoted at 41.98/99 in late morning deals.

According to dealers, the rupee is moving in tandem with the domestic stock market where the benchmark Sensex was up by 11 points at 1030 hrs.

The Indian currency had gained 17 paise on Wednesday.

Global crude oil prices remained low at USD 119 a barrel, supporting the rupee, a forex dealer said.

Exporters were believed to be selling dollars in forward market on expectation of further rise in the rupee.