Rupee continues firm against US Dollar

Mumbai, Feb 6: The Indian Rupee traded marginally higher against the U S dollar as trading confined to be range-bound during the morning session on the Interbank Foreign Exchange (Forex) market today.

The Indian Unit opened at 44.08/09 from the previous close of 44.10/11 against the American Greenback and firmed up to Rs 44.06/07 level before trading at 44.08/09 per dollar, dealers said.

The Rupee was near to the one year high of 44.05, it had touched on last friday, dealers said.

According to dealers, the rising Rupee has crumpled profits of top software companies who earn a majority of their revenues from overseas.

With the daily presence of the Central Bank to support the Rupee, forex analysts have ruled out any fall in the Indian Currency vis-a-vis U S Dollar.

The rupee is currently overvalued by about 9.5 per cent, compared with 8 per cent a month earlier.

UNI