2:12 pm
Jack
The rupee resumed higher at Rs. 48.92/93 per dollar on the Interbank Foreign Exchange, as against last weekend's close of Rs. 49.01/02 per dollar, and moved up further to Rs. 48.85 per dollar before quoting at Rs. 48.87/88 per dollar at 1030 hours.
The domestic currency hovered in a range between Rs. 48.85 per dollar and Rs. 48.95 per dollar during morning deals.
Banks and exporters preferred to reduce their dollar position on the back of the lower dollar in overseas markets, a forex dealer said.
In the New York market, the dollar slipped versus most major currencies last Friday, with the euro gaining as investors anticipated assurances of further efforts to rein in Europe's sovereign debt crisis at a meeting of officials from the Group of 20 nations.
Meanwhile, the Indian benchmark Sensex moved up further by 36 points, or 0.21 per cent, in early trade.
