Rupee appreciates by 11 paise against US dollar

Rupee appreciates by 11 paise against US dollar
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First Published: Wed, Aug 27 2008. 11 27 AM IST
Updated: Wed, Aug 27 2008. 11 27 AM IST
PTI
Mumbai: The Indian rupee showed signs of breaking a two-day sliding string as it appreciated by 11 paise against the US currency during morning trade as demand for dollar petered out amid rising global oil prices.
In quiet trade at the Interbank Foreign Exchange (Forex), the domestic currency resumed stronger at Rs43.72/73 a dollar from its last close of Rs43.85/86 a dollar and later was quoted at Rs43.74/75 a dollar in late morning deals.
The rupee yesterday breached the crucial 44-level to hit over a 17-month intra-day low of Rs43.16 and had fallen by nearly 1% in the last two days.
Forex dealers said there was not much activity in the foreign exchange market as dollar demand from oil refiners was almost nil during morning trading.
They expected traders to cover rupee positions aiding to the rupee sentiment during the day.
Meanwhile, global crude oil prices rose to near $117 a barrel in Asian trade this morning.
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First Published: Wed, Aug 27 2008. 11 27 AM IST