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Moving in line with the equity market, the Indian rupee recovered sharply - up 41 paise at 49.60 - against the US dollar due to selling of the American currency by banks and exporters in view of its weakness in the overseas market.

Dealers attributed the rupee's fall to dollar gains against the euro overseas and a lower opening in the stock market.
Dealers said dollar weakness against the euro and other currencies overseas and gains recorded by domestic bourses in early trade influenced the rupee sentiment.
Prime Minister Manmohan Singh also emphasises that the nation must guard against the mood of negativism.
The rupee on Wednesday bounced back to settle at 49.15/16, a gain of 14 paise against the US currency on fresh dollar selling by exporters and firm equities.
Finance Minister Pranab Mukherjee urges France to press on tax havens to share past banking information that would help trace and curb black money.