Rupee advances 19 paise Vs dollar in late morning trade

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Mumbai, June 4: Reversing its early losses, the rupee advanced by 19 paise to 55.35 against the US dollar due to selling of dollars by banks and corporates today.

The local unit resumed lower at 55.58 per dollar as against the last weekend's level of 55.54 at the Interbank Foreign Exchange (Forex) market. It hovered in a range of 55.20 per dollar and 55.58 per dollar, before quoting at 55.35 at 1100 hours.

Dollar selling by banks and corporates at the current level inspite of firm dollar in global markets mainly boosted the rupee value against the dollar, a forex dealer said.

Meanwhile, the BSE benchmark Sensex was trading down by 143.25 points at 1120 hours.

In Hong Kong, the US dollar bounced back during Asian hours today, recovering losses suffered after Friday's disappointing jobs report, as a sell-off in commodity and Asian equity markets pushed investors toward the currency's safe-haven appeal.

PTI

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