Re recovers after initial losses vs dollar; up 13 paise
Mumbai: Paring initial losses, the rupee on Monday recovered by 13 paise to 52.72 against the US dollar in late morning trade on fresh selling of the American currency from banks despite firm cues overseas.
The rupee resumed lower at 53 per dollar as against the last weekend's 52.85 per dollar at the Interbank Foreign Exchange (Forex) Market due to good demand from banks on the back of higher dollar in overseas market.
However, it recovered afterwards to 52.72 per dollar in the late morning trade on selling of dollars from banks.
It moved in a range of 52.72 per dollar and 53.00 per dollar during the morning deals.
In New York, the dollar gained against the euro last Friday after Spain's bank stress tests showed that the nation's financial institutions' capital needs matched analysts' expectations, relieving some fears that banks would need more aid.
Meanwhile, the BSE benchmark Sensex moved up by 14 points or 0.08 per cent, to 18,777.11 at 1100 hours.
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