Rupee gains 11 paise

Mumbai: The Indian rupee gained 11 paise to Rs 44.92 against the US dollar in late morning trade today on fresh selling of dollars by banks in view of strong foreign capital inflows into the equity market.

The rupee resumed higher at Rs 44.98/99 per dollar at the Interbank Foreign Exchange as against yesterday`s close of Rs 45.03/04 and moved up further to Rs 44.92 per dollar before quoting at Rs 45.01/02 at 1030 hours.

Fresh selling of dollars by banks and exporters on the back of strong capital inflows from foreign funds into the equity market mainly boosted the rupee value against the dollar, a forex dealer said.

In New York, the euro rose against the dollar yesterday as well as other currencies considered safer havens, with traders encouraged by prospects for Greek aid ahead of a crucial parliamentary vote in Greece on austerity measures later this week.