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The Indian currency added 25 paise to rule at Rs 44.95 as compared to the U. S. dollar during morning trade today, snapping a six-session declining streak on account of fresh selling of the American unit by banking institutions and exporters considering dollar weakness in worldwide markets amid a revival in the domestic equity market.
The domestic currency started the day on a positive note at Rs 45.01/02 per dollar on the Interbank Foreign Exchange, as against its earlier closure of 45.20/21 per dollar, and surged further to Rs 44.95 per dollar before ruling at Rs 45.00/02 per dollar at 10:30 a. m.
During morning trade, the Indian unit stayed in a range between Rs 44.95 and Rs 45.05 per US dollar.
Renewed selling of dollars by banking institutions and exporters on account of dollar weakness in abroad markets encouraged the rupee outlook.
In New York, the US currency broadened its retreat on Tuesday after the Federal Reserve scared the markets by asserting that the financial recovery is slower than projected.
The remarks also actuated extra demand for safe-haven currencies, prompting the Swiss franc to an all-time peak as compared to the dollar.
The US central banking institution also stated that it would hold rates of interest at low levels and went a step further by adding that it will maintain a loose monetary plan "at least through mid-2013."