Rupee firms up by 24 paise to 71.75 against dollar in morning trade

The rupee was trading higher by 24 paise to 71.75 against the US currency in late morning deals on Friday due to sustained bouts of dollar selling from banks and exporters. Earlier, the rupee resumed slightly higher at 71.95 against yesterday's closing level of 71.99 a dollar at the interbank foreign exchange market here.

Also Read | Fuel prices hit historic high: Petrol at 87.39/L in Mumbai, 79.99/L in Delhi

The rupee traded in wide range as heavy dollar demand pulled down it to 72.04 only to be supported by good supply of dollars from Reserve Bank of India through banks which helped its recovery, It was trading 71.75 at 1025 hours.

The domestic unit hovered between 72.04 and 71.75 during morning deals.

Read More | Gold marginally down in futures trade on profit-booking

Overseas, the US dollar moved in tight ranges against other major peers in early Asian trade, while eased against the yen after a report suggested that Japan would be the next country with which US President Donald Trump will take up trade issues.

Meanwhile, the 30-share BSE Sensex is trading higher by 44.75 points, or 0.12 per cent, at 38,287.56 at 1045 hours.