Rupee gains ten paise against American dollar

Mumbai: The Indian rupee gained 10 paise to 44.64 per US dollar in early trade on fresh selling of dollars by banks on the back of dollar weakness in overseas markets.

At the Interbank Foreign Exchange, the rupee resumed higher at 44.65/66 per dollar as against the previous closing level of 44.74/75 per dollar and edged up further to 44.64 per dollar before quoting at 44.71/72 per dollar at 1030 hours.

It moved in a range between 44.64 and 44.72 per dollar in morning deals.

Fresh selling of dollars by banks in view of the weak dollar in overseas markets mainly boosted the rupee value against the dollar, a forex dealer said.

The dollar edged lower against the euro in the New York market yesterday after the shared currency touched a three-week low following reports that Greece may get further restructuring aid.

Meanwhile, crude oil extended gains in Asian trade today on fears that record floods might affect refineries along the Mississippi River in the United States, analysts said.

New York`s main contract, light sweet crude for delivery in June, rose 14 cents to USD 104.02 a barrel in morning trade.