Rupee advances by another 16 paise vs dlr

Mumbai, Feb 8 (PTI) The Indian rupee advanced by another16 paise to Rs 45.32 against the American currency in earlytrade on persistent selling of dollars by banks and exportersin view of weak dollar overseas.

The domestic unit resumed higher at Rs 45.37/38 perdollar at the Interbank Foreign Exchange (Forex) market asagainst the yesterday''s closing level of Rs 45.48/49 perdollar. It firmed up further to Rs 45.32 per dollar beforequoting at Rs 45.38/39 per dollar at 1030 hours.

It hovered in a range of Rs 45.32-45.45 in the morningdeals.

Banks and exporters preferred to reduce their dollarposition on the back of weakness of dollar in the globalmarket, a forex dealer said.

The dollar gave up gains against the euro in New Yorkmarket yesterday, after recovering from earlier gains.