Rupee up by 12 paise against US Dollar

The Indian rupee appreciated by 12 paise to Rs 45.20 per US dollar in early trade today on fresh selling of dollars by banks and exporters on the back of firm equity markets.

At the Interbank Foreign Exchange, the domestic unit opened higher at 45.23/24 per dollar as against Wednesday’s closing level of 45.32/33 per dollar and moved up further to 45.20 before quoting at 45.31/32 per dollar at 1030 hours.

It hovered in a range between 45.20 and 45.38 per dollar in morning deals.

Fresh selling of dollars by banks and exporters and firm equity markets mainly boosted the rupee value against the dollar, a forex dealer said.

The euro pared losses against the dollar yesterday, briefly topping USD 1.41, after one clearing house raised its margin requirement on Irish debt.

Meanwhile, oil rose in Asian trade today, tracking gains in US equities markets, analysts said, while dealers seemed to ignore data showing a surge in stockpiles.

New York’s main contract, light sweet crude for July delivery, gained 36 cents to USD 101.68 a barrel.

The Bombay Stock Exchange benchmark Sensex was up by 130.45 points to 17,977.69 at 1050 hours.