Mumbai: The rupee gained 28 paise to 60.91against the US dollar in the late morning trade on fresh selling of the American currency by banks and exporters amid heavy foreign capital inflows. Weakness of dollar in the overseas market also boosted the rupee value. Banks and exporters preferred to reduce their dollar position due to sustained foreign capital inflows into equity market.
The rupee resumed higher at 61.02 per dollar as against 61.19 the Interbank Foreign Exchange market and moved up further to 60.88 before quoting at 60.91 per dollar at 1000 hours. It moved in a range of 61.02-60.88 per dollar during the late morning deals.
In New York, the euro rose against the dollar, as investors appeared to shrug off a downward revision of the region's inflation rate that put the 18-nation bloc even further away from its inflation target. The US and European Union also announced a round of sanctions against Russian officials. US stocks ended higher with the Dow Jones Industrial Average gaining for the first time in six sessions.
