The rupee continued to rule firm at 51.97 against the American currency
in the later morning trade on persistent dollar selling by banks and
exporters in view of sustained capital inflows from foreign funds into
the equity market despite firm dollar overseas.
The rupee had resumed higher at 52 per dollar at the Interbank Foreign
Exchange (Forex) market and moved in a range of 51.86-52.10, before
quoting at 51.97 at 1045 hrs.
Banks and exporters preferred to reduce their dollar position in view of
persistent capital inflows from foreign funds into equity market.
The BSE benchmark Sensex rose by 175 points, or 0.92 per cent, to
19,043.78 at 1100 hrs on hopes of further economic reforms from the
government.
Meanwhile, in New York market, the dollar gained against the euro and
rose further versus the Japanese yen on Wednesday, after a pair of US
economic reports came in better than expected.
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