Rupee rebounds 6 paise against dollar

Mumbai: The rupee rebounded after initial losses against the dollar, quoting up by 6 paise at 67.01 following fresh selling of the American currency by banks and exporters on the back of sustained foreign capital inflows and a higher equity market.

The rupee resumed lower as against Thursday's closing level of 67.07 at the Inter-bank Foreign Exchange (forex) market. It hovered in a range of 67.18 and 66.94 during the morning deals before quoting at 67.01 at 1030 hours. The dollar index was up 0.08 per cent at 96.25 against a basket of six currencies in early trade.

Overseas, the euro hovered near a 3-week high today, sitting on big gains after the European Central Bank suggested it was done with cutting interest rates for now. The ECB on Thursday cut its main refinancing rate to zero from 0.05 per cent and increased monthly asset buys to 80 billion euros from 60 billion euros.

Meanwhile, the benchmark BSE Sensex was trading up by 172.78 points, or 0.70 per cent, at 24,796.12 at 1055 hours.