Rupee continues to rule firm vs dollar in late morning

Rupee continues to rule firm vs dollar in late morning Mumbai: The Indian rupee continued to rule firm against the American currency in late morning trade Friday on persistent selling of dollars by banks and exporters in view of sustained capital inflows from foreign funds into equity market.

Lower dollar in the overseas market also boosted the rupee value, a forex dealer said.

The rupee resumed higher at 54.56 as against the last closing level of 54.84 at the Interbank Foreign Exchange (Forex) Market and hovered in a range of 54.35 and 54.66, before quoting 54.64 per dollar at 1050 hrs.

Foreign institutional investors (FIIs) bought shares worth a net Rs 1,579.97 crore yesterday, as per provisional data from the stock exchange.

Meanwhile, the Indian benchmark BSE-30 index, Sensex, rose by 87 points or 0.45 percent to 19,257.53 at 1100 hrs.

In New York market, the US dollar fell yesterday though ended above the day's lows after House Speaker John Boehner offered a downbeat assessment of progress in budget talks in Washington.

PTI