Banks and exporters reduced their dollar positions in view of dollar weakness in Asian markets
THE INDIAN rupee is up by 35 paise (0.0043 pence) at Rs 51.90 (64 pence) per US dollar in early trade on fresh selling of the American currency by banks and exporters influenced by dollar weakness in overseas markets amid a rally in domestic equities.
The rupee resumed higher at Rs 52.06 (65 pence) per dollar on the Interbank Foreign Exchange as against last weekend`s close of Rs 52.25 per dollar and moved up further to Rs 51.90 per dollar before quoting at Rs 52.08 per dollar.
The domestic currency moved in a range between Rs 51.90 and Rs 52.13 per dollar during morning deals.
Banks and exporters preferred to reduce their dollar positions in view of dollar weakness in Asian markets, a forex dealer said.
In Sydney, the euro was swept higher by a wave of short-covering in thin trade in Asia early today on hopes that European officials will take a major step toward resolving the euro zone debt crisis this week.
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