Rupee up 20 paise against USD in late morning trade

The rupee further extended initial gains by 20 paise against the US dollar to Rs 61.97 in late morning trade on persistent bouts of dollar selling from banks and exporters amid bearish US currency overseas.
The Indian currency resumed higher at 62.15 as against yesterday's close of 62.17 at the Interbank Foreign Exchange (Forex) market here.
It strengthened further to Rs 61.94 before quoting at 61.97 at 1100 hrs.
The local currency hovered in a range of 62.15-61.94 per dollar during late morning trade.
'Rebound in domestic equities and selling by banks supported the rupee, a dealer said.
In the New York market, the US dollar was lower against its major rivals in early trade as the currency faded somewhat after a payrolls-inspired rally ran out of steam.

Meanwhile, the benchmark BSE Sensex was trading higher by 254.40 points, or 0.90 per cent, to 28,492.88 in late morning deals.