Rupee trades 61.42 vs USD in late morning deals

The rupee were quoting at 61.42 against the US currency in late morning deals today amid volatile trading on the back of higher dollar overseas.

Earlier, the rupee resumed lower at 61.50 per dollar as against last Friday's close of 61.42 at the Interbank Foreign Exchange market.

It declined further at 61.51 on month-end dollar demand by importers, before recovering at Rs 61.39 on bouts of dollar selling by banks and exporters and was quoting at last Friday's same level of Rs 61.42 at 1100 hrs.

It hovered in the range of 61.51-61.39 per dollar during the morning trade.
Heavy capital inflows and higher equities lifted the rupee sentiment, dealers said.

In New York, the US dollar was higher against its major rivals in early trade, though the euro held onto modest gains, having bounced off an 11-year trough as investors decided to take profits on extremely bearish positions.

Meanwhile, the BSE Sensex was trading higher by 86.08 points, or 0.29 per cent, to 29,364.92 in late morning trade.