Rupee up by 7 paise against US dollar

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The Indian rupee on Friday moved up by seven paise to 46.34/35 against the US currency after surrendering major part of early gains in late morning deals.

Smart rally in the benchmark Sensex by nearly 379 points at 1030 hrs mainly helped the rupee to open stronger at the Interbank Foreign Exchange (Forex) market at 46.15 a dollar from overnight close of 46.41/42.

However, dollar buying by oil refiners pushed the rupee down to quote at 46.34/35 in late morning deals.

Spurt in local equities was attributed to sharp rebound in world stock markets. Most of the Asian indices were up by 3.0 per cent to 9.4 per cent following steep rise on Wall Street last night.

US government's comprehensive approach, with the help of other major central banks, to stabilise the financial crisis helped the stock markets to regain from their lows.

Reassuring comments by the Finance Minister P Chidambaram about the financial health of the Indian financial lenders also partly aided the rupee sentiment at early stages.

Global crude oil prices were quoting slightly higher at USD 98.22 a barrel this morning in Asian trade.