Rupee up by 24 paise vs dollar in late morning trade

The Indian rupee firmed up by 24 paise to 53.53 against the American currency in the late morning trade on persistent selling of dollars by banks and exporters on hopes of more foreign capital inflows in view of strong equity market.

Weak dollar in the overseas market also boosted the rupee value against the dollar, a forex dealer said.

The rupee resumed higher at 53.55 per dollar as against the last closing level of 53.77 per dollar at the Interbank Foreign Exchange (Forex) Market and moved up further to a high of 53.42 per dollar before quoting at 53.53 per dollar at 1040hrs.

It hovered in a range of 53.42 per dollar and 53.55 per dollar during the morning deals.

The Indian benchmark Sensex reclaimed its 20K level in the morning session and was quoted higher by 41 points or 0.21 pct to 20,032.26 at 1050hrs on the back of buying after the Reserve Bank of India cut lending rate and cash reserve ratio (CRR) by 0.25 per cent each yesterday to perk up economic growth.

In New York market, the US dollar lost ground against major rivals yesterday while the Australian and New Zealand currencies gained after upbeat economic data from the two Pacific nations.