Rupee up marginally by 2 paise against dollar

Mumbai, Nov 29: The Indian rupee was up marginally by 2 paise at Rs 51.93/94 per US dollar in late morning trade today (Nov 29) on mild selling of dollars by banks and exporters in view of dollar weakness overseas.

The rupee resumed lower at Rs 51.98/99 per dollar on the Interbank Foreign Exchange, as against its previous close of Rs 51.95/96 per dollar, and hovered in a range between Rs 51.88 and Rs 52.05 per dollar before quoting at Rs 51.93/94 at 1030 hours.

Mild selling of dollars by banks and exporters due to dollar weakness in global markets mainly boosted the value of the rupee, a forex dealer said. In the New York market, the euro strengthened yesterday as speculation mounted that policymakers will be able to rein in Europe's debt crisis and the dollar fell as risk appetite revived.

Crude prices retreated in Asian trade today as speculators booked profits from a rally the day before, analysts said. New York's main contract, light sweet crude for delivery in January fell by 54 cents to USD 97.67 a barrel. Meanwhile, the BSE benchmark Sensex fell by 122 points, or 0.75 per cent, in early trade today.

PTI