The Indian rupee turned better after opening weak and was quoted seven paise higher against the US dollar in late morning trade on Wednesday on sustained capital inflows in volatile equity markets.
The Indian rupee turned better after opening weak and was quoted seven paise higher against the US dollar in late morning trade on Wednesday on sustained capital inflows in volatile equity markets.
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In fairly active trade at the Interbank Foreign Exchange (forex) market, the domestic currency resumed weak at 47.90/91 a dollar from its previous close of 47.78/80 a dollar but later bounced to 47.64 level before being quoted at 47.71/73 a dollar in late morning trade.
Forex dealers said the rupee moved in sync with the local stocks but continued portfolio inflows into equity markets boosted the rupee sentiment.
They said the rupee may come under pressure as dollar demand is expected to pick up at the month-end. Oil refiners buy dollars for the monthly import payments.
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