Wednesday, June 14 2006 13:03 Hrs (IST) - World Time -

Mumbai: The rupee staged a pullback rally today (June 14, 2006) and was up by seven paise against the US currency in morning trading, buoyed by a strong turnaround in equity markets as also fairly heavy dollar selling from banks.

In active trade at the Interbank Foreign Exchange (Forex) market here, the Indian Unit opened weak at Rs 46.07/10 per dollar but later rallied sharply and was quoted at Rs 45.96/97 a dollar in late morning deals. It had closed at Rs 46.03/04 a dollar yesterday.

Foreign banks were seen selling dollar heavily while it appreciated against major currencies in world markets, a leading forex dealer said.

"A strong relief rally on the bourses also supported the rupee to strengthen against the dollar," he added.

The stock markets this morning zoomed by 307 points in line with a firm trend in Asian markets.