Rupee hovers near overnight close against dollar

MUMBAI: In lacklustre activity, the rupee on Tuesday was quoted near yesterday's close at 48.4350/4450 against the greenback in late morning deals due to absence of major players following Christmas holidays abroad.

At the Interbank Foreign Exchange (forex) market, the local currency resumed slightly better at 48.40/42 a dollar from overnight close of 48.42/43 and moved in a range of 48.64 and 48.40 before being quoted at 48.4305/4450 a dollar in late morning deals.

According to market participants, the Christmas holidays kept the foreign operators away from the market affecting the daily business.

There was alternate bouts of buying and selling of dollars due to year end consideration, which weighed on the market, resulting narrow movements.

The Indian benchmark Sensex was up by nearly 78 points in early trade, while Asian indices were quoting steady to firm this morning.

Meanwhile, the global crude oil prices remained below $40 a barrel in Asian trade on Tuesday.