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Rupee recovers by 8 paise vs dollar in late morning trade

Rupee recovers by 8 paise vs dollar in late morning trade

Mild selling of dollars by banks and exporters help Indian rupee recover by 8 paise to Rs 50.66/67 per US dollar

The Indian rupee recovered by 8 paise to Rs 50.66/67 per US dollar in late morning trade Thursday on mild selling of dollars by banks and exporters.

The rupee resumed lower at Rs 50.78/79 per dollar on the Interbank Foreign Exchange, as against its previous close of Rs 50.74/75 per dollar, and hovered in a range between Rs 50.65 and Rs 50.85 per dollar before quoting at Rs 50.66/67 per dollar at 1030 hours (IST).

PERSPECTIVE: Why is the rupee falling?

The rupee initially got off to a weak start in view of good demand for the American currency from banks and corporates on the back of a higher dollar in overseas markets.

However, the domestic currency recovered afterward due to dollar-selling at current levels by banks and exporters, a forex dealer said.

In the New York market, the euro reversed course to slide below the $1.35 per euro-mark again on Wednesday after Fitch warned about the potential adverse impact of the euro zone's debt crisis on the US banking sector.

Meanwhile, the Indian benchmark Sensex was down by 112 points, or 0.67 per cent, in early trade.