Mumbai, Nov 4: The Indian rupee was up by 16 paise at Rs 48.98 per US dollar in early trade today on persistent selling of dollars by banks and exporters due to weakness of the American currency overseas amid a firm trend in the domestic equity market.
The rupee resumed higher at Rs 49.02/03 per dollar on the Interbank Foreign Exchange, as against its previous close of Rs 49.14/15 per dollar, and moved up further to Rs 48.98 per dollar before quoting at Rs 49.06/07 per dollar at 1030 hours.
The domestic currency moved in a range between Rs 48.98 and Rs 49.11 per dollar during morning deals.
Sustained selling of dollars by banks and exporters in view of dollar weakness in overseas markets mainly weighed on the rupee value against the dollar, a forex dealer said.
In the New York market, the euro rebounded from negative territory, but closed well below highs registered against the US dollar yesterday following reports that Greece has abandoned plans to hold a referendum on a proposed bailout package.
