Rupee up 6 paise against dollar in morning trade

The rupee recovered by six paise to 58.46 against the American currency in morning trade on Monday on fresh selling of dollars by banks and exporters on hopes of good foreign capital inflows and strong stock market.

The rupee resumed higher at 58.45 as against the last weekend's level of 58.52 at the Interbank Foreign Exchange (Forex) Market and hovered in a range of 58.41-58.50 before quoting at 58.46 per dollar at 1000 hours. 

Banks and exporters preferred to reduce their dollar position on expectation of good foreign capital inflows on hopes of economic forms from the new government.

Meanwhile, the benchmark BSE Sensex rose by 292.51 points, or 1.18%, to 24,985.86 at 1000 hours after touching 25,000 mark in early trade.

However, in New York, the dollar rose on last Friday, notching weekly gains against the euro, yen and Australian dollar.