Mumbai: In line with equity market, the rupee recovered by nine paise to 61.81 against the American currency in the late morning trade on fresh selling of dollars by banks and exporters on expectation of more funds in view of recovery in the stock market.
The rupee opened steady at 61.90 per dollar at yesterday's closing level at the Interbank Foreign Exchange (Forex) Market. However, it immediately firmed up to 61.74 per dollar before quoting at 61.81 per dollar at 1045hrs.
It hovered in a range of 61.74-61.92 per dollar during the morning deals.
Banks and exporters preferred to reduce their dollar position on hopes of more capital inflows into equity market, a forex dealer said.
The Indian benchmark sensex rose by 161.81 points or 0.77 percent to 21,302,29 at 1045hrs.
Meanwhile, crude oil prices edged higher in Asian trade today as investors anticipated upbeat US stockpiles data, and grew more optimistic about the world's top economy, analysts said.
New York's main contract, West Texas Intermediate (WTI) for February delivery, was up 22 cents at USD 98.64 in mid-morning trade while Brent North Sea crude for February rose 17 cents to USD 110.97.
First Published: Thursday, January 2, 2014, 10:39