Rupee edges up by five paise vs dollar

Mumbai: The Indian rupee inched up by five paise to 44.96 against the US dollar in morning trade on persistent selling of the American currency by banks and exporters.

At the Interbank Foreign Exchange, the domestic currency moved in a narrow range between 44.96 and 45.00 per dollar in morning deals before quoting at 44.97/98 per dollar at 1030 hrs.

In the Sydney market, the Japanese yen reversed course in morning trade, strengthening against the US dollar and euro despite reports that global intervention to weaken the currency has not necessarily ended.

The Japanese yen lost ground to the US dollar and other major rivals in the New York market yesterday.