Rupee Up 11 Paise Against U.S. Dollar In Early Trade .

The Indian rupee was up by 11 paise at 45.38 against the US dollar in early trade today on sustained selling of the American currency by banks and corporates amid dollar weakness overseas.

At the Interbank Foreign Exchange market, the domestic unit opened higher at 45.44/45 per dollar against yesterday’s closing level of 45.49/50 per dollar and moved up further to 45.38 per dollar before quoting at 45.43/44 per dollar at 1030 hours.

It moved in a range between 45.38 and 45.50 per dollar in morning deals.

Sustained selling of dollars by banks and corporates due to weakness of the dollar in the overseas market mainly boosted the rupee value, a forex dealer said.

The euro fell to its lowest level against the US dollar in three weeks, as investors grew skeptical about the prospects for a comprehensive solution to the eurozone’s sovereign—debt crisis.

Meanwhile, oil prices climbed in Asian in early trade today, bolstered by continued unrest in the Middle East and North Africa and robust Chinese demand, analysts said.

New York’s main contract, light sweet crude for March delivery, was up 24 cents to $ 85.05 per barrel.

The Bombay Stock Exchange benchmark Sensex was down by nearly 150 points at 1100 hours today.

Source : thehindu.com