Rupee continues to rule firm

The Indian rupee continued to rule firm in the late morning session by improving five paise to 53.11 per dollar on selling of dollars by banks in view of persistent foreign capital inflows.

The rupee resumed higher at 53.12 per dollar as against Wednesday’s closing level of 53.16 per dollar at the Interbank Foreign Exchange Market and firmed up further to 53.07 per dollar before quoting at 53.11 per dollar at 1040 hrs.

It moved in a range of 53.07 per dollar and 53.17 per dollar during the morning deals.

Banks and exporters preferred to reduce their dollar position on the back of persistent foreign capital inflows into equity market.

Foreign institutional investors bought shares worth net Rs 1137.95 crore yesterday as per provisional data from the stock exchanges.

Meanwhile, the Indian benchmark Sensex firmed up by 48 points, or 0.24 per cent, to 19,687.52 in the late morning trade.

Crude oil was up in Asian trade today as investors awaited the results of a European Central Bank (ECB) meeting and the release of trade data from China.

New York's main contract, light sweet crude for delivery in March gained 15 cents to $96.77 a barrel.