Mumbai: The rupee remained strong against the US currency and was quoted a few paise higher in late morning deals, buoyed by firm equity markets on the back of sustained FII inflows.
In dull trade at the Interbank Foreign Exchange (forex) market, the local currency resumed steady at 40.45/47 a dollar from Friday’s close of 40.4550/4650 and later moved up further to 40.43/44 in late morning trade.
The activity was at a low ebb during early trade but later rupee drew support from a rally in stock markets, forex dealers said.
The Bombay Stock Exchange benchmark Sensex jumped by about 122.26 points to touch 15,726.06 during early trade.
The absence of dollar demand in the light of high crude oil pries also aided rupee sentiment, they added.