Rupee improves further

The rupee improved by another seven paise to 40.44/45 against the US dollar in late morning deals on the back of sharp recovery in equity markets and expectations of fresh capital inflows after US Federal Reserve interest rate cut last night.

In quite trade at the forex market, the local currency opened remarkably higher at 40.36/38 a dollar from yesterday's close of 40.51/52 a dollar.

Dealers attributed rally in the rupee to sharp surge in Asian equity markets.

Later, the rupee was quoted slightly lower but still up at 40.44/45 in late morning deals.