Rupee up 16 paise

Mumbai: The Indian rupee was trading 16 paise higher at Rs 44.27 per dollar on the Interbank Foreign Exchange in morning today, supported by a higher opening in the stock market and dollar weakness against other currencies overseas.

The domestic currency had appreciated by 8 paise to close at Rs 44.43/44 per dollar in yesterday`s session on fresh dollar selling.

Forex dealers said dollar weakness against major currencies, including the euro, after the US Federal Reserve held key rates steady, and a higher opening on the bourses kept the sentiment firm, but some month-end dollar demand from importers limited the gains.

The Bombay Stock Exchange Sensex today gained 93.36 points, or 0.48 per cent, to 19,542.05 in opening trade.