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Indian rupee up 11 paise against dollar in late morning deals

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SummaryRupee tracks gains in Asian peers and as policymakers weigh in with comments to support currency.

Surrendering some of its early gains, the Indian rupee today rose by 11 paise to 64.44 against the dollar in the late morning trade on selling of the US currency by banks and exporters amid recovery in the equity markets.

Finance Minister P Chidambaram's assurance to investors yesterday and dollar volatility helped in improving the rupee sentiment, forex dealers said.

The rupee today resumed higher at 64.30 per dollar as against the yesterday's closing level of 64.55 at the Interbank Foreign Exchange (Forex) Market.

It hovered in a range of 64.28 and 64.70 per dollar before quoting 64.44 at 1040 hours.

Rupee may not fall below 70: Credit Agricole

In New York market, the US dollar traded higher against its rival currencies yesterday despite a series of mixed economic data.

Meanwhile, the BSE benchmark Sensex was trading higher by 49.47 points or 0.27 per cent to 18,362.41 at 1050 hours.

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