Rupee recovers from initial losses vs dollar

The Indian rupee recovered by ten paise to Rs 44.00/1 against the US dollar in early trade on Friday, due to fresh selling of the American currency by banks in view of its weakness in overseas market.

At the Interbank Foreign Exchange (Forex) market, the domestic unit opened lower at 44.22/23 per US dollar, against Thursday's closing of 44.10/11 per dollar, but recovered immediately to 44.00 per dollar before quoting at 44.08/09 at 10.30 am.

The dollar on Thursday had tumbled in the New York market to its lowest level since December, against seven major currencies, after Singapore central bank surprised markets by effectively tightening monetary policy.