Rupee better against dollar in early trade

The rupee showed only marginal change during late morning dealings, well supported by FII inflows.

The rupee on Friday opened moderately better against the US currency and showed only marginal change during late morning dealings, well supported by FII inflows in equity in the last two days as well as steady dollar in overseas markets.

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In quiet trade at the Interbank Foreign Exchange (forex) market in Mumbai, the Indian unit opened higher at Rs 44.2125/22 a dollar against Wednesday's close of 44.2450/2550 per dollar. The rupee later was quoted at Rs 44.2250/2350 a dollar in late morning deals.

Dealers said the rupee derived support from heavy inflows from foreign funds into Indian equity markets in the last couple of days.

The activity was at a low ebb in early trade and small dollar selling was seen due to heavy supplies, they added.

In New York, the dollar rose versus the yen but was modestly lower against the Euro in a calm session on Thursday.