Rupee rallies to 3-week high at 64.27 vs USD in late morning

The rupee rose 17 paise to hit a 3-week high of 64.27 against the dollar in late morning trade on persistent selling of the greenback by banks and exporters on the back of lower dollar overseas.

Persistent rise in the equity market also boosted the rupee value, a forex dealer said.

The rupee resumed higher at 64.42 against the dollar as against yesterday's closing level of 64.44 per dollar at the Interbank Foreign Exchange (Forex) Market and firmed up further to a 3-week high at 64.27, before quoting at 64.29 per dollar at 1100hrs, showing a gain of 15 paise.

The domestic currency hovered in a range of 64.27 per and 64.43 per dollar during the morning trade.

The euro surged yesterday to its strongest level against the greenback in five-and-a-half months after Centrist and pro-EU candidate Emmanuel Macron took first place in the first round of the French presidential election.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)