The rupee today ended marginally higher by 5 paise at 49.15/16 against the American currency on account of mild dollar selling by banks and exporters on the back of persistent capital inflows.

At the Interbank Foreign Exchange (Forex) market, the rupee resumed higher at 49.05/06 a dollar and moved up further to 48.9850 before settling at 49.15/16.

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Meanwhile, the BSE benchmark Sensex recovered by 85 points, or 0.48%, to finish at 17,707.32.

In London, the euro rose to a two-month high against the dollar in the early trade.

Alpari Financial Services (India) CEO Pramit Brahmbhatt said in the international market dollar index traded negatively for the third consecutive day as Euro slightly gained against the greenback as the investors are expecting that the Greece will be able to avoid a disorderly default.

Meanwhile, crude oil prices were higher at USD 98.84 per barrel in Asian trade today as traders reacted to a forecast that global oil demand is set to grow and hopes of a Greek debt deal, analysts said.

The rupee premium for the forward dollar hardened further on sustained paying pressure from banks and corporates.

The benchmark six-month forward dollar premium payable in July up to 166-168 paise from Tuesday's close of 161-163 paise and far-forward contracts maturing in January also ended higher at 285-287 paise from 274-276 paise.

The RBI has fixed the reference rate for the US dollar at 49.0683 and for euro at 65.1526.

The rupee declined further against the pound sterling to end at 78.06/08 from yesterday's close of Rs 77.79/81 and also dropped to Rs 65.20/22 per euro from Rs 64.54/56 previously.

However, it recovered against the Japanese yen to Rs 63.83/85 per 100 yen from last close of 64.09/11.

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