Rupee firms up by 11 paise in late morning deals

Mumbai: The rupee appreciated further by 11 paise to 66.80 against the American currency in late morning deals on sustained bouts of dollar selling by exporters and banks amid rallying domestic equities.

The rupee opened higher at 66.85 per dollar from yesterday’s closing level of 66.91 at the Inter-bank Foreign Exchange (Forex) market.

It moved between 66.89 and 66.80 during morning deals and was still quoting 66.80 at 1030 hrs.

Meanwhile, the dollar index was trading down 0.03 per cent at 95.75 against a basket of six currencies in early trade.

Overseas, the US dollar held steady against its major rivals in early trade with its near-term fortunes riding on whether US jobs data will rekindle expectations for the Federal Reserve to raise interest rates this year.

While, the British pound weakened a day after the Bank of England not only cut interest rates but also restarted its bond purchase programme to shore up the economy.

Meanwhile, the benchmark BSE Sensex was trading higher by 285.04 points, or 1.03 per cent, to 27,999.41 at 1050 hrs.

PTI