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Erasing most of its early gains, the rupee was trading higher by six paise at 56.78 against the dollar in early trade today on fresh selling of the US currency by exporters on the back of its lower value overseas.
The rupee resumed higher at 56.70 per dollar as against the last closing level of 56.84 at the Interbank Foreign Exchange (Forex) Market.
It hovered in a range of 56.69 and 56.84 per dollar before quoting 56.78 at 1050 hours.
Fresh selling of dollars by banks and exporters in view of its lower value in the overseas market mainly boosted the rupee value, a forex dealer said.
In Los Angeles, the Japanese yen pulled higher in early trade after Tokyo ruled out intervention, but most non-Asian currency pairs moved sideways ahead of the US Jobs report for May.
The US dollar fell to 6.49 yen, down more than half a yen from late Thursday's 97.07 yen, but still holding above the previous day’s low of 95.88 yen.
Meanwhile, the BSE benchmark Sensex rose by 52.53 points or 0.27%, quoting 19,572.02 at 1050 hours.
