Rupee appreciates by 9 paise against $

Mumbai: The rupee appreciated by about nine paise against the US currency in early trade on heavy dollar sales by foreign banks as well as a few state-owned banks coupled with fairly good dollar inflows on Wednesday.

In quiet active trade at the interbank foreign exchange (Forex) market, the Indian unit resumed fractionally lower at Rs 45.75/76 per dollar from overnight close of Rs 45.74/76 per dollar,

However, later rallied smartly to Rs 45.66/67 a dollar in late morning deals.

The rupee surged up due to heavy dollar sales by some foreign bank of public sector banks, Forex dealers said.

“Exporters panic sales at the prevailing levels are not ruled out,” they added.

The rupee may appreciate to 45.64 level during day if selling from exporters surfaced, they said.