Rupee continues to rally vs dollar; up 23 paise

Rupee continues to rally vs dollar; up 23 paise

The Indian rupee continued its rally against the American currency in early trade for the fourth trading day, gaining another 23 paise to 60.25 per dollar on persistent selling of the US unit by banks and exporters on the back of sustained foreign capital inflows.

Weakness of dollar in the overseas market also boosted the rupee value, a forex dealer said.The Indian currency resumed higher at 60.28 per dollar as against the last closing level of 60.48 at the Interbank Foreign Exchange (Forex) Market and firmed up further to quote at 60.25 per dollar at 1000hrs.

Sustained selling of dollars by banks and exporters in view of good foreign capital inflows into equity market was the main factor behind rise in rupee value.

The Indian benchmark sensex rose by 99.58 points or 0.45 per cent to 22,154.79 in the early trade after touching an all-time high of 22,172.10.

In New York market, the U.S. dollar cut its rise after a round of mixed US data yesterday, but held narrowly higher against key rivals.