Rupee up by 9 paise against dollar

MUMBAI: Despite initial losses, the rupee strengthened by nine paise to 44.67/68 against the US currency on persistent sale of dollars by banks and exporters.

Initially, the rupee dropped to 44.83 against the US dollar in early trade on fresh demand for the American currency from banks and importers on the back of a rise in the value of dollar in New York, dealers said.

Meanwhile, global crude oil above USD 98 a barrel in London today.

The Bombay Stock Exchange Sensex rose 76 points to 18,496 today, up for the second consecutive session, as investors bought heavyweights like RIL and Infosys at lower levels amid FII inflows as well as firm global markets.

Alpari India CEO Pramit Brahmbhatt said that the rupee continued to strengthen on rising Euro and strong buying seen in local equity markets.

However, during the afternoon trade some dollar buying was seen at lower levels near 44.80 from oil companies, he added.

The rupee resumed lower at 44.80/81 per dollar at the Interbank Foreign Exchange as against yesterday's closing level of 44.76/77 per dollar and dropped further to 44.83 per dollar.

It recovered afterwards to 44.6550 before settling the day at 44.67/68 per dollar.

Euro held firm near its one month high, markets are awaiting clear signals from the European Central Bank later in the week regarding its plans to raise interest rates.