Indian rupee gains 7 paise to 63.23 against the US dollar in morning trade on fresh selling of the American currency by banks and exporters.

The rupee opened steady at 63.30 per dollar at the Interbank Foreign Exchange; but, firmed up to 63.22 before quoting at 63.23 per dollar at 1000 hours. It moved in a range of 63.22 and 63.32 per dollar during the morning trade.

Renewed selling of dollars by banks and exporters on hopes of resumption of inflows from foreign funds in view of firm equity market mainly boosted the rupee value against the dollar, a forex dealer said.

The benchmark BSE Sensex firmed up by another 46.98 points, or 0.17 per cent, to 27,418.82 at 1000 hours.

However, in New York market, the ICE US dollar index finished the last week at its highest level since March 2006 as investors pushed the dollar higher against the euro, yen and pound after Federal Reserve Chairperson Janet Yellen hinted that the central bank would begin raising rates around the middle of 2015.

Source:financialexpress.com